To assure the reliability of cylinders or shells with fluid-filled annulus, it is necessary to investigate the modal characteristics considering fluid-structure interaction effect. In this study, theoretical background and several finite element models are developed for cylindrical shells with fluid-filled annulus considering fluid-structure interaction. The effect of the inclusion of the fluid-filled annulus on the natural frequencies is investigated, which frequencies are used for typical dynamic analyses such as responses spectrum, power spectral density and unit load excitation. Their response characteristics are addressed with respect to the various representations of the fluid-structure interaction effect.