The nonlinear parametric vibration of an axially moving string made by rubber-like materials is studied in the paper. The fractional viscoelastic model is used to describe the damping of the string. Then, a new nonlinear fractional mathematical model governing transverse motion of the string is derived based on Newton's second law, the Euler beam theory, and the Lagrangian strain. Taking into consideration the fractional calculus law of Riemann-Liouville form, the principal parametric resonance is analytically investigated via applying the direct multiscale method. Numerical results are presented to show the influences of the fractional order, the stiffness constant, the viscosity coefficient, and the axial-speed fluctuation amplitude on steady-state responses. It is noticeable that the amplitudes and existing intervals of steady-state responses predicted by Kirchhoff 's fractional material model are much larger than those predicted by Mote's fractional material model.