Flutter analysis of NACA 0012 with Gurney flap was conducted in time domain. Flutter analysis was performed with a conjunction of two governing equations; one is 2D Navier-Stokes equation and, the other is Lagrange equation of two dimensional plunge & pitch model. Both governing equations were coupled by loose-coupling method. From the computed results, the effect of Gurney flap was concluded to move the flutter boundary of NACA 0012 downward, which means flutter occurs at lower speed than that of NACA 0012. Although flutter boundary of gurney flap was above the safety margin when mach number was lower than 0.85, there might be a possibility of crossing the safety margin when mach number was between 0.85 and 0.9. For safety, the effect of gurney flap needs to be investigated carefully before using it.