A homogenization method for the vibration analysis of periodic sandwich panels is presented. Periodic boundary conditions are applied to a representative volume element (RVE) of the structures. The complex responses of the RVE under eight sinusoidal excitations are calculated and the complex stiffness matrix of the sandwich panels is obtained by the direct-solution steady-state dynamic analysis (DSDA) using the finite element method (FEM) in the frequency domain. Based on equivalent single-layer (ESL) theory and finite element-modal strain energy (FE-MSE) method, the natural frequencies, the mode shapes and the loss factors of the structures are obtained by shell models. The effectiveness of the homogenization method is validated by using pyramidal lattice truss sandwich panels made of carbon fiber reinforced plastics (CFRP). The results obtained by the homogenization method are compared with those obtained by experiments and solid models. The effects of the number of cells and damping layers are discussed.