A new approach for calculating the unsteady aerodynamic loads based upon the indicial functions concept in combination with a fully third-order nonlinear structural model has been developed to analyze the aeroelastic behavior of high-aspectratio wings over the entire range of subsonic flow. The resulting aeroelastic equations including all structural geometric nonlinearities associated with large deformations and mass distributions, along with nonlinear terms due to mass imbalance at wing's cross section, are then rewritten in the state-space form, introducing an efficient and appropriate approach to use in both eigenvalue and time response analysis. To validate the developed aeroelastic equations, the linear and nonlinear aeroelastic behaviors of a specified wing are compared with those presented for an incompressible aerodynamic case. Quantitative and qualitative agreement between the present results and available ones confirms the unsteady indicial aerodynamics, nonlinear structural modeling, and, consequently, the developed nonlinear aeroelastic model. By changing the wing model and applying the unsteady compressible aerodynamic loads, the nonlinear aeroelastic behavior of Goland wing is then investigated, including the flutter boundary, limit cycle oscillations, pre-flutter, flutter, and post-flutter time responses, phase plane diagrams, and also the effect of flight conditions such as altitude and air speed on the aeroelastic behavior. The results represent the necessity of applying appropriate Mach-dependent aerodynamic loads to provide reasonable description of the aeroelastic analysis in the compressible flight speed regime.