The aim of this paper is to investigate the boundary stabilization of a non-uniform Euler-Bernoulli beam with axial force generated by the equation ρ(x)utt+(σ(x)uxx)xx−(q(x)ux)x=0 defined in (0,1)×(0,∞), where the coefficients ρ(x)>0, σ(x)>0, and q(x)≥0. By adopting a new technique based on a qualitative theory of fourth-order linear differential equations, we prove that the spectrum of the system operator is confined to the open left-half complex plane and that all the associated eigenvalues are geometrically simple. Using this result and the Riesz basis approach, we obtain the exponential stability and the optimal decay rate of the system. This study extends the earlier paper by B.-Z. Guo [SIAM J. Control Optim., 40 (2002), pp. 1905–1923], where no axial force acting on the system (i.e., q≡0).