In this paper we consider the dynamics of a pipe conveying fluid, when the flow velocity is harmonically perturbed about a mean value. Two methods of analysis are presented; Bolotin’s method, which can only give the boundaries of regions of parametric resonance, and a numerical Floquet analysis, which gives also the boundaries of combination resonance. A number of calculations for cantilevered pipes show that, generally, combination resonance is less important than parametric resonance, except for flow velocities near the critical (where the system loses stability in steady flow); parametric resonances are selectively associated with only some of the modes of the system, and combination resonances involve only the difference of the eigenfrequencies. For pipes clamped at both ends the behavior of the system is similar to that of a column subjected to a pulsating load; combination resonances in this case involve the sum of the eigenfrequencies.