This study investigates the dynamic analysis of parametrically excited marine riser under simultaneous stochastic waves and vortex. A general analysis considers the parametric excitation resulting from platform motion, ocean wave loading directly on the rise, and vortex-shedding excitation due to flow bypassing the risers. Stochastic wave force and vortex excitation acting on the riser in the time domain is formulated by the stochastic phase spectrum method and derived by the linear-wave theory using a Pierson–Moskowitz wave spectrum to simulate real sea conditions. A derived parametrically excited top tensioned riser model subjected to simultaneous stochastic waves and vortex excitations is proposed. The efficacy of the present method is assessed by solutions obtained from other existing methods and experimental data of two test models. The present method is evaluated by solutions computed from existing methods and experimental data of two test models, and a general good agreement of the analyses between the proposed approach and other methods is observed. The availability of resonance, parametric stability, energy distribution and transfer, and the sensitivity of key parameters estimated by single-frequency and multi-frequency excitation are compared and discussed. Comparing with the results obtained from the harmonic excitation method, the present method can be used to make more reasonable and accurate calculations of the dynamic response of risers operating in real sea conditions.