AILU type preconditioners for a two-dimensional combined P2P1 finite element formulation of the interaction of rigid cylinder with incompressible fluid flow have been devised and tested by solving fluid-structure interaction (FSI) problems. The FSI code simulating the interaction of a rigid cylinder with an unsteady flow is based on P2P1 mixed finite element formulation coupled with combined formulation. Four different preconditioners were devised for the two-dimensional combined P2P1 finite element formulation extending the idea of Nam et al., which was proposed for the preconditioning of a P2P1 mixed finite element formulation of the incompressible Navier-Stokes equations. It was found that PC-III or PC-IV among them perform well with respect to computational memory and convergence rate for some bench-mark problems.