The internal pressure of a thin-walled cylindrical structure under axial compression may improve the buckling stability by relieving loads and reducing initial imperfections. In this study, the effect of internal pressure on the buckling knockdown factor is investigated for axially compressed thin-walled composite cylinders with different shell thickness ratios and slenderness ratios. Various shell thickness ratios and slenderness ratios are considered when the buckling knockdown factor is derived for the thin-walled composite cylinders under both axial compression and internal pressure. Nonlinear post-buckling analyses are conducted using the nonlinear finite element analysis program, ABAQUS. The single perturbation load approach is used to represent the geometric initial imperfection of thin-walled composite cylinders. For cases with the axial compressive force only, the buckling knockdown factor decreases as the shell thickness ratio increases or as the slenderness ratio increases. When the internal pressure is considered simultaneously with the axial compressive force, the buckling knockdown factor decreases as the slenderness ratio increases but increases as the shell thickness ratio increases. The buckling knockdown factors considering the internal pressure and axial compressions are higher by 2.67% to 38.98% compared with the knockdown factors considering the axial compressive force only. The results show the significant effect of the internal pressure, particularly for thinner composite cylinders, and that the buckling knockdown factors may be enhanced for all the shell thickness ratios and slenderness ratios considered in this study when the internal pressure is applied to the cylinder.