In this study, an analytical solution is developed for the investigation of free vibration, static buckling and dynamic instability of castellated beams subjected to transverse periodic loading. Bolotin’s method is used to perform the dynamic instability analysis. By assuming the instability modes, the mass, stiffness, and geometric stiffness matrices are derived using the kinetic energy, strain energy and potential of applied loads. Analytical equations for determining the free vibration frequency, critical buckling moment, and excitation frequency of castellated beams are derived. In addition, the influences of the flange width of the castellated beam and the static part of the applied load on the variation of dynamic instability zones are discussed.