The aerodynamically excited vibration and natural frequency of rotating disks are analytically studied in this paper. The theoretical analysis uses a fluid-structure model where the aerodynamic effects are represented in terms of elastic, lift and drag forces. The explicit expressions on natural frequencies of the air coupled disk are obtained as functions of the aerodynamic coefficients. for the three cases where the disk rotates in three different cases (in vacuum, in open air without enclosure, and close to rigid wall). The theoretical results give that the natural frequencies of rotating disks in air are smaller than those in vacuum, because the effect of the added fluid mass decreases the frequencies. This paper also proposes an analytical method to predict the flutter speed of a rotating disk.