The vibration characteristics of transverse oscillation of an axially moving beam with high velocity is in- vestigated. The vibration equation and boundary conditions of the free-free axially moving beam are derived using Hamilton's principle. Furthermore, the linearized equations are set up based on Galerkinl s method for the ap- proximation solution. Finally, three influencing factors on the vibration frequency of the beam are considered: (1) The axially moving speed. The first order natural frequency decreases as the axial velocity increases, so there is a critical velocity of the axially moving beam. (2) The mass loss. The changing of the mass density of some part of the beam increases the beam natural frequencies. (3) The thermal effect.' The temperature increase will decrease the beam elastic modulus and induce the vibration frequencies descending.