Mr Khan has written to MPs about "concerns" that the short-term rental service is reducing the availability of long-term rentals.
There have been previous concerns that Airbnb could be causing rents to rise as landlords convert long-term rentals into more lucrative holiday lettings.
Mr Khan has also voiced worries that people living near Airbnb properties may be experiencing anti-social behaviour including noise pollution and refuse dumping.
In his letter, Mr Khan says he "supports the right of people to benefit from renting out their homes for short periods" - but this "must be balanced against the need to ensure that Londoners are not adversely affected".
The mayor says that a change in the law might be required.
He writes: "If boroughs are finding that the legislation needs to be revisited to make sure that we find a better way of balancing the benefits of the sharing economy with the protection of local residents and the retention of housing for long-term use, then I will be happy to work with them and discuss with Government whether any changes may be needed."
Airbnb has been invited to a meeting organised by London Assembly member Tom Copley to talk about issues around short-term lettings legislation.
The company has denied it is to blame for rising rental costs in London.
Its managing director in Europe, Olivier Gremillon, said earlier this year: "There have been a few studies done by academics which said no, it doesn't really increase the price of housing.
"There is a housing shortage in London (but) is it because of Airbnb?
"No. There are a lot of other reasons why prices are high."
A spokesperson for the Mayor of London said: "The Mayor supports the right of Londoners to be able to benefit from renting out their homes for short periods and welcomes the fact that Airbnb helps make it cheaper and easier for people to visit London.
"However, these benefits must to be balanced against the need to ensure Londoners are not adversely affected and London's housing supply is not lost through short-term bookings."
Between June and August, Airbnb reported an 85% increase in guest arrivals in the UK compared to the same period in 2015 - rising from 860,000 to 1.6m.
Concerns overs Airbnb are not exclusive to London.
In New York, the state legislature has tightened regulations on people renting out their apartment on a short-term basis.