Flow-induced vibration may occur in the structures such as elastic beams subjected to annular flow in the narrow passage. Once the flow-induced vibration occurs, vibration amplitude becomes larger, consequently it causes a lot of troubles such as fatigue or failure in mechanical structures. In this paper, for the purpose to avoid these troubles, the active control of vibration of an axisymmetric elastic beam subjected to annular flow is investigated. An air-pressured actuator is attached on the surface of the circular cylinder for the vibrational control. As the shape of the actuator changes by control, the gap width in narrow passage changes, which causes the change of the fluid pressure. Therefore, the vibration of the fluid-structure coupled system can be suppressed. The fluid-structure coupled equation based on the Euler-Bernoulli type of partial differential equation and the Navier-Stokes equations is analytically derived including control terms. By applying the optimal control law to the coupled system, the unstable behavior is stabilized. The stability of the coupled system is investigated by eigenvalue analyses of controlled coupled equations. Numerical simulations are performed to investigate the efficiency of the proposed control method.