In this paper, the dynamic and aeroelastic analysis of variable fiber spacing composite (VFSC) laminated plates are carried out. The effects and benefits of changing the fiber distribution pattern on natural frequency and mode shape are explored taking various boundary conditions. Taking cantilever boundary condition flutter characteristics of VFSC plate with different fiber distribution patterns are compared. Further stochasticity of flutter velocity due to randomness in material properties that could arise due to complex manufacturing and fabrication process of VFSC laminates is investigated. The perturbation technique is implemented to perform the stochastic as well as reliability analysis. Various parametric studies are conducted to check the accuracy and efficiency of perturbation technique, by comparing the results with that of Monte Carlo simulation and the first-order reliability method.