The cylindrical shell made of metal rubber has a strong ability to reduce and absorb vibration, which widens its application in the industrial field. Therefore, it is of great significance to study the vibration characteristics of metal-rubber cylindrical shells (MRCSs). However, there is relatively little research on this aspect. Based on this, the dynamic properties of MRCS are investigated in this paper based on viscoelastic theory, the Rayleigh–Ritz method, and the Gram–Schmidt orthogonal polynomials. The correctness of the proposed model was verified by comparison with the literature and experimental verification. The results show that the preloading state and boundary conditions have significant effects on the natural frequency and modal loss factor of MRCS. The effect of the Pasternak elastic foundation on the natural frequency and modal loss factor of MRCS varies with the change of the axial half wave number m. The effect of the Pasternak elastic foundation on higher-order vibrations is similar to that of the artificial spring technique.