An aeroelastic stability analysis is presented for high-aspect ratio composite wings. The structural model is based on an asymptotically correct crosssectional formulation and a nonlinear geometric exact beam analysis, both derivable from 3-D elasticity. A new 2-D unsteady inflow finite-state theory is considered for the aerodynamic part of the solution. Theodorsen theory is also implemented and used for most of the preliminary tests. The paper discusses, among other things, the importance of using the right stiffness formulation in order to model material couplings, the variations of divergence and flutter speeds with the changes in the lamination angle of a box-beam model of a wing cross section, and some of the effects of a nonlinear structural model on the aeroelastic stability of a slender wing.