The vibration and stability of heterogenous (HT) carbon nanotube reinforced composite truncated conical shells (HT-CNTRC-TCSs) are studied. The main feature of this study is to expand the first order shear deformation theory to the HT-CNTRC-TCSs to obtain an analytical solution of vibration and stability problems. The dynamic stability equations of HT-CNTRC-TCSs are solved by applying Galerkin method. The expressions for the frequency and the critical axial load of HT-CNTRC-TCSs are obtained. In numerical calculations, the influences of heterogeneity and volume fraction of CNTs on the frequency and critical axial load of HT-CNTRC-TCSs are studied in detail.