The present investigation is an attempt to contribute towards the improved understanding of the dynamic stability of rotating shaft under parametric excitation. The dynamic stability of rotating shaft subjected to longitudinal parametric excitation has been investigated theoretically and experiments have been carried out to validate some of the theoretical findings. The equations of motion have been derived using finite element method. For the rotating shafts the instability regions have been established using Floquet's theory.The dynamic stability of a rotating shaft having fixed-free, simply supported, fixed-fixed and fixed- simply supported boundary conditions has been investigated to study the effects of parameters such as static and dynamic load factor, rotating speed and boundary conditions on its dynamic stability behavior. Static load factor and rotating speed have a destabilizing effect on the dynamic stability characteristics of a rotating shaft. The boundary conditionsalso affect the stability characteristics of the rotating shaft. Experimental results corroborate the theoretical findings for the case of rotating shaft with different end conditions.