The advertisement, titled "Cruelty Doesn't Fly", features the scantily-clad former "Baywatch" star as an airport security guard who strips passengers of leather, fur and other skins.
A couple, seen nude from behind, also appears in the video commercial created by People for the Ethical Treatment of Animals (Peta).
"Given the groping that you see at security checkpoints and the nudity that you see in body scans we're surprised that our lighthearted ad was deemed too risqué", said Jason Baker, Peta Asia's vice president.
The animal rights group said its ad was vetoed by JCDecaux, the advertising agency responsible for airing videos at Hong Kong's airport.
In a statement, the city's airport authority said the commercial was "considered inappropriate" because it might offend some visitors.
The ad -- which also features comedian Steve-O, a star of the 'Jackass' movie series, and German punk icon Nina Hagen -- is already banned at airports in New York City and Boston, Peta said.
The animal rights group said it still hoping to run the ad in other Asia-Pacific airports, including Tokyo, Seoul and Sydney.