Begin by setting your air fryer to 400°F (200°C) to preheat.
In one bowl, add flour. In a second bowl, whisk together egg and milk. In a third bowl, mix panko breadcrumbs with salt and pepper.
Take the calamari rings and first dredge them in the flour, then dip them in the egg mixture, and finally coat them with the panko mixture.
Arrange the coated calamari rings in the air fryer basket, ensuring they do not overlap. If necessary, cook in several batches. Lightly spray the tops with a nonstick cooking spray.
Air fry the calamari for 4 minutes, then flip each ring, spray again with nonstick cooking spray, and continue to cook until they are golden and crispy, about 3 additional minutes.