Abstract: A CFD/CSD (Computational Fluid Dynamics/Computational Structural Dynamics) coupling method is used to analyze the flutter of a two-dimensional panel in time domain. A nonlinear dynamic model for the panel in supersonic flow is established through the D’Alembert principle and finite element method. The Von Kerman nonlinear strain-displacement relation is used to account for large structural deflections, and the Euler equation is employed for unsteady aerodynamic forces. A load interpolation transfer method in parametric space is used to transfer data between aerodynamic grids and structural grids. The results show that the flutter amplitude and frequency increase with the increasing of dynamic pressures, and the position of maximum speed moves outside from the balance position; the interconversion between the shock wave and expansion wave is the main factor leading to the panel flutter.