In this study, axial vibration analysis has been conducted on a propulsion and lift shafting system for an air cushion vehicle using ANSYS code. The shafting system is totally flexible multi-elements system including wood composite material of air propeller. aluminum alloy of lift fan and thin walled shaft with flexible coupling. The analysis calculated the axial natural frequencies and mode shapes of the shafting system taking into account an equivalent mass-elastic model for shafting system as well as the three-dimensional models for propeller blade and fan impeller. Such a flexible shafting system has very intricate vibrating characteristics and especially, axial natural frequencies of flexible components such as propeller blade and impeller of lift fan can be lower to the extent that causes a resonance in the range of operating revolution. The results for axial vibration analysis are presented and compared with the results of axial vibration test for lift fan conducted during Sea Trial.