The stability problem solution of the manufacturing (drawing) of the quartz capillaries (pipes) for microstructured optical fibers (hole-assisted fiber) is important for determining the effective technological production modes. This importance is also caused by the high cost of fiber production and strict requirements for the accuracy of the fiber’s geometric characteristics. Therefore, a theoretical approach to this problem is relevant and necessary. A modified capillary drawing model that takes into account inertial, viscous, and surface tension forces, as well as all types of heat transfer is proposed in the research. Within the framework of the linear theory of stability, a mathematical model of isothermal and nonisothermal capillary drawing has been developed. The stability of the process is studied depending on the drawing ratio and the Reynolds number. The analysis of the sensitivity of the process to perturbations in the boundary conditions is carried out. The secondary flow that occurs upon transition to the region of instability is also studied. It has been found that at draw ratios above critical values (instability region), undamped oscillations arise. The existence of optimal parameters of the heating element is shown: temperature distribution over the furnace surface and furnace radius, at which the stability of the process of drawing quartz tubes increases significantly (several times).