This article presents a novel approach for predicting vibration bandgaps in periodic composite plates with fluid–structure interaction (FSI) using a unit cell-based finite element model. The novelty of our approach lies in the formulation of a fluid-induced added mass matrix, which integrates the Bloch periodic boundary condition, allowing for the incorporation of the fluid’s inertial effect in the context of unit cell-based bandgap analysis. We therefore construct a unit cell model comprising a composite Mindlin plate which integrates periodic FSI effects with the simultaneous application of Bloch conditions on both the structure and the fluid domains. Subsequently, we studied a set of periodic composite plates with FSI effects on one or both sides, thereby assessing the influence of the fluid properties such as density and the fluid domain dimension on the structure vibration. The bandgap prediction is compared with the frequency response simulations which involve diversified microstructure designs. The obtained results provide indications regarding the effectiveness and applicability of the proposed numerical methodology.