The stability and nonlinear vibration of a NiTi shape memory alloy hybrid laminated composite panel under aerodynamic and thermal loads are investigated. The partial differential dynamic equations of the shape memory alloy hybrid laminated composite panel are derived based on the large deformation theory, the first-order piston theory of aerodynamic pressure and a simple constitutive model of shape memory alloy. Then, the general expressions of multimode discrete equations of the shape memory alloy hybrid laminated composite panel are obtained for the first time using Galerkin method. The stability of the shape memory alloy hybrid laminated composite panel is analyzed first based on the Routh–Hurwitz criteria, and the results show that the temperature and aerodynamic pressure parameter plane can be divided into a flat and stable region, a flutter region, and a buckling region, and the flat and stable region can be greatly enlarged as the shape memory alloy volume fraction increases. Meanwhile, numerical results of the dynamic equations show that the shape memory alloy hybrid laminated composite panel can produce various dynamic motions, and the bifurcation characteristics of the responses with temperature obtained by numerical method coincide well with the stability boundaries determined by analytical method.