A nonlinear modeling method for an axially oscillating cantilever beam with a concentrated mass is presented in this paper. Hybrid deformation variables are employed for the modeling method with which frequency response characteristics of axially oscillating cantilever beams are investigated. The geometric nonlinear effects of stretching and curvature are considered to accurately predict the frequency response characteristics of the oscillating cantilever beam. The effects of the size and the location of the concentrated mass on the frequency characteristics are investigated. It is found that the dynamic instability is significantly influenced by the two parameters.