Purpose <p>This study seeks to explore the dual nonlinear aeroelastic characteristics of composite panels with varying stiffness, under the influence of large deformations and shock waves within the flow field.</p> Method <p>The stiffness coefficients of the composite panels are determined using an analytical method. The panels are modeled based on von Kármán nonlinear theory, while unsteady aerodynamic forces are derived by solving the Navier–Stokes equations. This results in the creation of a CFD/CSD nonlinear time-domain coupled aeroelastic analysis model.</p> Results <p>Under the influence of shock waves, the panel exhibits buckling and LCO phenomena. The buckling amplitude demonstrates significant nonlinear variation characteristics in the transonic regime. As the dynamic pressure increases, the vibration mode of the panel transitions from buckling to LCO and further evolves into high-frequency LCO.</p> Conclusion <p>The proposed methodology offers a robust analytical tool for addressing the aeroelastic challenges of composite panels under large deformations and shock wave interactions, providing critical theoretical support for the lightweight design of thin-walled structures such as hypersonic vehicles, missile casings, and aircraft wing skins.</p>