A stability of a multi-span cantilevered fluid-conveying pipe supported by elastic supports is investigated. The equation of disturbed motion is solved with using the modal decomposition and Bubnov–Galerkin method. The natural frequencies and modes are found by the method of initial parameters. Depending on the stiffness of elastic supports, on the plane of the parameters characterizing the velocity and mass per unit length of the flowing fluid, the boundary of the stability is constructed.