Vibration characteristics of partially liquid-filled or partially liquid-surrounded composite cylindrical shells are investigated in this paper. Using Rayleigh-Ritz energy method and Love’s shell theory, eigenvalue equation of the problem is derived, and the polynomial for natural frequencies of such shells is further obtained. The external work by the hydrodynamic pressure, which is introduced by liquid sloshing, is taken into account in the energy function. Hydro-elastic vibration characteristics of a composite cylindrical shell are studied by using the present method. Effects of liquid level, liquid density, fiber orientation, length-to-radius ratio, and thickness-to-radius ratio on the natural frequencies are analyzed and graphically presented.