The present paper studies the influence of the inhomogeneous initial stresses in the bi-layered hollow cylinder and it is assumed that these stresses are caused by the hydrostatic pressures acting on the interior and outer free surfaces of the cylinder. The study is made by utilizing the version of the three-dimensional linearized theory of elastic waves in bodies with initial stresses for which the initial stress-strain state in bodies is determined within the scope of the classical linear theory of elasticity. For the solution to the corresponding eigenvalue problem, the discrete-analytical method is employed. Numerical results are presented and analyzed for concrete selected pairs of materials. According to these results and their analyses, it is established that, unlike homogeneous initial stresses, the influence of the inhomogeneous initial stresses on the torsional wave dispersion has not only quantitative but also qualitative character. For instance, in particular, it is established that as a result of the initial stresses caused by the hydrostatic pressure acting in the interior free surface of the cylinder, the cut-off frequency appears for the fundamental dispersive mode and the values of this frequency increase with the intensity of this pressure.