A transfer matrix method is used to study free vibration characteristics of an axial-loaded Euler–Bernoulli beam with variable cross sections and multiple concentrated elements in the article. The differential equation for bending vibrations of the beam element is solved by the Frobenius method, and the solution is in power series form. Then, the transfer matrix method is applied to establish the state vector equation for both ends of the beam. Combined with boundary conditions, the frequency equation is obtained and expressed in a two-order determinant. The numerical results in this article are compared with those of the finite element method, which illustrates the accuracy of the method we proposed. The influence of the size of each concentrated elements and axial force on the natural frequency coefficients and the influence of the concentrated elements on the first critical buckling load are discussed.