Cylindrical panels are widely used as aircraft fuselages and rocket etc, and the cutouts for weight reduction or wiring at such structures tend to cause the stress concentration and the local radial displacement so that seriously effect the stability of structures. In this paper, for the cylindrical composite panel with coutout at the center, the buckling and postbuckling behaviour regarding the shape and size of cutout is analyzed by finite element method. Also the lamination mechanism , changing bending stiffness and fiber orientation angle variation are researched to be regarded in studying the laminated composite materials.