Compared with traditional composite materials, variable stiffness composite materials with curvilinear fiber paths have higher design flexibility and the potential to improve structural efficiency. In view of this, the nonlinear flutter characteristics of Variable Angle Tow (VAT) composite laminates with thermal effect in supersonic airflow are investigated in this paper. The proposed panel flutter model is developed based on the von Kármán large deformation plate theory. The thermal stress is approximated according to the quasi-steady thermal stress theory, whilst the aerodynamic pressure is calculated based on the first-order piston theory. The aerothermoelastic equations of motion are first established using Hamilton’s variational principle, and the Rayleigh-Ritz method is then applied to solve the governing equations in the space domain. The time-domain nonlinear equations are solved through the fourth-order Runge-Kutta method. The accuracy and convergence of the proposed method are verified through the comparisons with the results available in the literature. The effects of several parameters such as fiber orientation angle, thermal load, and aerodynamic pressure on the nonlinear flutter responses of VAT laminates are comprehensively discussed. Several dynamic behaviors of VAT laminates, including stable flat, buckled, Limit Cycle Oscillation (LCO), multi-periodic motion, quasi-periodic motion, and chaotic motion, are revealed by using the time history, phase portrait, Poincaré map, and bifurcation diagram. The results presented herein may be beneficial for the design of VAT laminates in supersonic airflow.