This paper presents the results of investigation of the natural vibrations and stability of circular vertical multilayered cylindrical shells, fully or partially filled with a quiescent compressible fluid subjected to hydrostatic and external static loads. The behavior of the elastic structure and fluid medium is described based on the classical shell theory and Euler’s equations. The linearized equations of motion of the shell, together with the corresponding geometrical and physical relations are reduced to a system of ordinary differential equations with respect to new unknowns. The acoustic wave equation is transformed to a system of differential equations using the method of generalized differential quadrature. The solution of the formulated boundary value problem is developed using Godunov’s orthogonal sweep method. The dependences of the lowest vibration frequencies and critical external pressure on the ply angle and the filling level of two-layer and three-layer cylindrical shells are analyzed in detail. It is demonstrated that, in contrast to the ply angle and a given combination of boundary conditions, the lay-up scheme of composite materials plays different parts in the problems of maximizing the fundamental frequency of vibrations and extending the stability boundaries.