Compressible linear stability theory for axisymmetric flows is presented. The theory is applied to flow past a cylinder and a sharp cone at a Mach number of 5 with adiabatic wall conditions. The effect of transverse curvature and body divergence is studied. It is found that transverse curvature has a stabilizing influence on axisymmetric (first and second mode) disturbances while it has a destabilizing influence on the asymmetric (oblique first mode) disturbances. The body divergence effects are stabilizing for both symmetric and asymmetric disturbances. Comparisons made with the results of planar stability theory show that, for a cylinder, curvature effects become more pronounced with increasing distance along the cylinder. For a sharp cone, these effects become less significant further away from the cone tip since the body radius increases faster than the growth of the boundary layer. The effect of cone angle on stability is also studied.