<p>This study develops a comprehensive aeroelastic model of wing–rotor system considering the distinct rotor–wing aerodynamic interference, as well as an in-depth aeroelastic analysis for the applications of low-speed near-space vehicle. The influence of rotor–wing aerodynamic interference is expressed by virtue of explicit blade element-momentum theory which is further inserted into the previous aeroelastic model of wing–rotor system. A finite element strategy is conceived to obtain the numerical solution of the aeroelastic equation and the convergence property is further verified by numerical experiments. Based on the proposed method, the aeroelastic performance of the wing–rotor system is investigated thoroughly in the forms of parametric study and contrastive analysis. The results show that the rotor–wing aerodynamic interference can cause influence on the low-order aeroelastic modes, which is especially apparent in the low-speed flight condition. The aeroelastic coupling is complicated among modes and prominent changes are detected in damping curves when rotor operates in a large speed. Furthermore, the variations of system parameters tend to complicate the action mechanism and influential strength of the aerodynamic interference on the wing–rotor system.</p>