A rotating composite shaft can be used with power transmission applications in the rotating machinery industry. A composite power transmission shaft usually has higher natural frequencies and critical speeds than a conventional metal power transmission shaft. Accurate determination of the natural frequency of the shaft is of great importance in its design, especially in the case of composite shafts due to the anisotropy of composite materials. In this paper, first in a rotating state, finite element results of a composite shaft of eight layers of carbon/epoxy in the case of two steel discs in the middle are symmetric with different diameters are compared with the results of previous research and the accuracy of the results is verified. A hollow composite shaft of eight layers of carbon/epoxy and glass/epoxy is modeled with two steel discs on the elastic supports. Applying the Lagrange equations, the equations of motion of the hybrid composite shaft are obtained using the modified equivalent modulus beam theory. By writing code in MATLAB software and numerical solution, the amplitude diagram in terms of frequency in the rotating state is obtained and compared with the results of the composite shaft simulation in Ansys software, and validation is performed. Finally, the effect of STACKING SEQUENCE parameters such as fiber angle, arrangement of use carbon/epoxy, and glass/epoxy on natural frequencies is investigated.