In this paper, we presented the formulation of dynamic stability of spinning thin-walled composite beams carrying rigid bodies. First, we used a circumferentially uniform stiffness lay-up configuration to generate the coupled motion of bending-bending-shear and to solve the eigenvalue problem using the extended Galerkin method. The dynamic stability analysis was carried out for the beam carrying a single rigid body. The divergence and flutter instabilities were found by addressing the effect of the mass ratio and its location along the span of the beam. Along with these, the combined effects of several parameters such as spin speed, axial load, and ply angle were examined to study how they affect the stability of the beam.