The dynamic analysis and control of flexible robot manipulators have been the main concerns of many recent studies in aeronautics and robotics. Moreover, the complexity of this problem increases when a flexible manipulator carries a payload. In this paper, we proposed a space two-link flexible manipulator with tip payload featuring surface-bonded piezoelectric torsional actuator and shear actuator. The equations of motion for the system are obtained using Hamilton’s principle. A Lyapunov-based controller is proposed to suppress the vibration of the system. Stability of the system is also investigated. The simulation results demonstrate the proposed control strategy is well suited for active control of vibration suppression on flexible manipulators.