Numerical analyses on the aerodynamic characteristics of a counter rotating axial flow fan were conducted for the development of an axial type in-line duct fan. The counter rotating fan has a front rotor and a rear rotor which are counter rotating each other. Blade design of the counter rotating fan was done by extension of design method for axial flow fan which consists of rotor and stator blades. Through flow analysis was performed using matrix method which is applied for flow fields prediction of compressors or turbines. Aerodynamic characteristics and characteristic curves of the counter rotating fan were analyzed by expansion of the frequency domain panel method with duct modeling. Pressure losses were higher at leading edge and hub region of rotor blades. Characteristic curve of the counter rotating fan was overpredicted without consideration of viscous effect.