The purpose of this work is to predict analytically the unsteady loading on vibrating blades of a supersonic through-flow fan and investigate the aerodynamic instability. In order to deal with this problem, a linearized unsteady lifting surface theory on the basis of the finite radial eigenfunction series approxmation is developed. It is assumed that each blade operates with zero mean loading, and vibrates with a small displacement amplitude. Numerical results for pure bending, pure torsional and combined bending and torsional vibrations are presented to demonstrate influences of interblade phase angle, location of torsion axis, axial Mach number and reduced frequency on the flutter boundary.