Uncertainty quantification has proven to be an indispensable study for enhancing reliability and robustness of engineering systems in the early design phase. Single and multi-fidelity surrogate modelling methods have been used to replace the expensive high fidelity analyses which must be repeated many times for uncertainty quantification. However, since the number of analyses required to build an accurate surrogate model increases exponentially with the number of random input variables, most surrogate modelling methods suffer from the curse of dimensionality. As an alternative approach, the Low-Rank Approximation method can be applied to high-dimensional uncertainty quantification studies with a low computational cost, where the number of coefficients for building the surrogate model increases only linearly with the number of random input variables. In this study, the Low-Rank Approximation method is implemented for multi-fidelity applications with additive and multiplicative correction approaches to make the high-dimensional uncertainty quantification analysis more efficient and accurate. The developed uncertainty quantification methodology is tested on supersonic aircraft design problems and its predictions are compared with the results of single- and multi-fidelity Polynomial Chaos Expansion and Monte Carlo methods. For the same computational cost, the Low-Rank Approximation method outperformed both in surrogate modeling and uncertainty quantification cases for all the benchmarks and real-world engineering problems addressed in the present study.