The spectral property of an Euler–Bernoulli beam equation with clamped boundary conditions and internal Kelvin–Voigt damping is considered. The essential spectrum of the system operator is rigorously identified to be an interval on the left real axis. Under some assumptions on the coefficients, it is shown that the essential spectrum contains continuous spectrum only, and the point spectrum consists of isolated eigenvalues of finite algebraic multiplicity. The asymptotic behavior of eigenvalues is presented.