Transverse vibrations of axially moving beams with multiple concentrated masses have been investigated. It is assumed that the beam is of Euler-Bernoulli type, and both ends of it have simply supports. Concentrated masses are equally distributed on the beam. This system is formulated mathematically and then sought to find out approximately solutions of the problem. Method of multiple scales has been used. It is assumed that axial velocity of the beam is harmonically varying around a mean-constant velocity. In case of primary resonance, an analytical solution is derived. Then, the effects of both magnitude and number of the concentrated masses on nonlinear vibrations are investigated numerically in detail.