On the basis of the first Lyapunov stability theory, this paper develops a dynamic stability criterion for elastic structural systems under arbitrary dynamic loads, and shows the stability criterion using energy variation. After the dynamic stability criterion is validated through a classic example, it is used for the dynamic stability investigation of practical guyed masts under random wind loads. The criterion is reliable, simple and of advantage for structures with large number of elements and nodes. The slack guys and internal resonance between guys and mast are two main factors which induces the dynamic instability of guyed masts, at the same time, some dynamic stability characteristics of guyed masts are found.