Morphing wing aircraft have generated increasing interest in recent years owing to their ability to alter the shape and configuration of the wings to retain optimum flight performance under different flight conditions. However, while theoretical approaches have greatly advanced our understanding of the nonlinear vibrational characteristics of morphing wings during the morphing process, little effort has been made to verify the results of theoretical studies based on corresponding experimental results. The present work addresses this issue by first investigating the nonlinear dynamic behaviors of Z-shaped morphing wings during the morphing process in subsonic flow based on thin airfoil theory under ideal incompressible fluid conditions. First, the steady aerodynamic lift on the morphing wing is derived and the nonlinear partial differential equations governing the morphing wing motion are established. The influence of the folding angle on the nonlinear responses of the morphing wing is investigated via numerical simulations. Then, the aeroelastic characteristics of the morphing wing, including the flutter displacements of edge points on the outer plate of the wing, are investigated using the computational fluid dynamics module in ANSYS. Finally, the results of theoretical analysis are verified by experiments conducted with a corresponding Z-shaped morphing wing model.