The fluid induced vibration (FIV) phenomena of an equivalent airfoil system of MAV have been investigated in low Reynolds number flow region. Unsteady flows with viscosity are computed using two-dimensional incompressible Navier-Stokes equations. The present fluid/structure interaction analysis is based on one of the most accurate computational approach with computational fluid dynamics (CFD) and computational structural dynamics (CSD) techniques. The highly nonlinear fluid/structure interaction phenomena due to severe flow separations have been analyzed for the low Reynolds region that has a dominancy of flow viscosity. The effects of Reynolds number and initial angle of attack on the fluid/structure coupled vibration instability are shown and the qualitative trend of FIV phenomenon is investigated.