Shell theory solutions for radial buckling of multiply-concentric hollow cylinders are presented. Multi-cylindrical systems are those composed of two or more concentically mounted hollow tubes, wherein the annular space mediates inter-tube forces, attractive or repulsive depending on structural details of composites. Reflecting the multiple core-shell structures, the systems often exhibit peculiar radial buckling modes, which should be relevant to macro scale applications for deep water oil and gas transportation andmicroscale realization in lipid bilayer tubes. In this article, we focus on an illustrative example of such the multiply-tubular systems with nanometric dimension, the so-called multiwalled carbon nanotubes (MWNTs). Theoretical analysis based on a thin shell theory allows us to find anomalous radial buckling behaviors of MWNTs driven by hydrostatic pressure. The obtained buckling modes are characterized by petal-like wavy cross sections, which is what we call the radial corrugation of MWNTs. An important observation is the mechanical consequence of stiff core-tube insertion into the innermost hollow region of a given MWNT. The insertion results in a significant variance in the critical buckling pressure, above which the MWNT undergoes radial corrugation. The insertion-induced-variance in the critical pressure is due to the primary role of inter-tube interaction between adjacent constituent tubes, as explained within our theoretical model.