In this study, the aeroelastic stability and response of an aircraft swept composite wing in subsonic compressible flow are investigated. The composite wing was modeled as an anisotropic thin-walled composite beam with the circumferentially asymmetric stiffness structural configuration to establish proper coupling between bending and torsion. Also, the structural model consists of a number of nonclassical effects, such as transverse shear, material anisotropy, warping inhibition, nonuniform torsional model, and rotary inertia. The finite state form of the unsteady aerodynamic loads have been modeled based on the indicial aerodynamic theory and strip theory in the subsonic compressible flow. Novel Mach dependent exponential approximations of the indicial aerodynamic functions have been developed. The extended Galerkin’s method was used to construct the mass, stiffness, and damping matrices of the nonconservative aeroelastic system. Eigen analysis of the system was performed to obtain the aeroelastic instability (divergence and flutter) boundaries. Also, solving the equations of motion in the time domain leads to the aeroelastic response of wing in different flight speeds. The obtained results are compared with the available results in the literature, which reveals an excellent agreement. The numerical results obtained in this article seek to clarify the effects of geometrical and material couplings and flight Mach number on the aeroelastic instability and response of composite wings in subsonic compressible flow.