The present study considers the free vibration analysis of moderately thick conical shells based on the Novozhilov theory. The higher order governing equations of motion and the associate boundary conditions are obtained for the first time. Using the Frobenius method, exact base solutions are obtained in the form of power series via general recursive relations which can be applied for any arbitrary boundary conditions. The obtained results are compared with the literature and very good agreement (up to 4%) is achieved. A comprehensive parametric study is performed to provide an insight into the variation of the natural frequencies with respect to thickness, semivertex angle, circumferential wave numbers for clamped (C), and simply supported (SS) boundary conditions.