The dynamic response of a double-walled carbon nanotube embedded in elastic medium subjected to periodic disturbing forces is investigated. Investigation of the dynamic buckling of a double-walled carbon nanotube develops continuum model. The effect of the van der Waals forces between two tubes and the surrounding elastic medium for axial dynamic buckling are considered. The buckling model subjected to periodic disturbing forces and the critical axial strain and the critical frequencies are given. It is found that the critical axial strain of the embedded multi-walled carbon nanotube due to the intertube van der Waals forces is lower than that of an embedded single-walled carbon nanotube. The van der Waals forces and the surrounding elastic medium affect region of dynamic instability. The van der Waals forces increase the critical frequencies of a double-walled carbon nanotube. The effect of the surrounding elastic medium for the critical frequencies is small.