In this study, we aimed to numerically investigate the 2D laminar flow over a cylindrical body and performed vortex-induced vibration analyses on a circular cylinder of unit radius placed in a channel, with the cylinder assumed to be fixed. The cases of a cylinder under forced oscillation and three different scenarios of a freely oscillating cylinder were analyzed. The fluid domain dynamics were governed by the incompressible Navier–Stokes equations; however, the structural field was described using nonlinear elastodynamic equations. Fluid and solid domains were discretized with the finite volume method (FVM) in space and time. Predictions of hydrodynamic forces, namely lift and drag terms, were determined for each scenario. An increase in the Reynolds number caused an exponential increment in the lift force. In the case of a stabilized flow, the collective decrease in stiffness and damping decreased the maximal drag and lift factors. Furthermore, it was noticed that the lift factor was minimally altered by variations in damping and stiffness in comparison with the change in the drag factor. From these observations, it appears that the lift factor probably correlates with the cylinder’s structure and fluid properties.