Flutter of hybrid laminated flat panels in supersonic flow is studied by using first order shear deformation theory in conjunction with the assumed mode method. Both the quasi-static approximation and piston theory are used for aerodynamic force calculations at supersonic speeds. The flutter stability boundaries are determined by using the frequency coalescence criterion with the quasi-static approximation and Movchan-Krumhaar's criterion with the piston theory aerodynamics. Numerical calculations are presented for hybrid laminates consisting of graphite, Kevlar and glass fibres in an epoxy matrix. The effects of hybridization, shear deformation, ply orientation and aspect ratio are studied. The critical dynamic pressure parameter of a hybrid laminate lies between the values for laminates made with all plies of higher stiffness and with all plies of lower stiffness, respectively. The role of aerodynamic damping is found to be particularly important in determining the aeroelastic stability boundaries of laminated composite panels. Shear flexibility reduces the critical dynamic pressure parameter, but the reduction is insignificant for thin panels.