Double-walled carbon nanotubes (DWNTs) are expected to be useful as elements in improving conventional polymer-based fibers and films. An extensive molecular dynamics simulation and continuum analyses are carried out to estimate the influence of matrix stiffness and the intertube radial displacements on free vibration of an individual DWNT. The effects of nanotube length and chirality are also taken into account. The continuum analyses are based on both Euler-Bernoulli and Timoshenko beam theories which considers shear deformation and rotary inertia and for both concentric and non-concentric assumptions considering intertube radial displacements and the related internal degrees of freedom. New intertube resonant frequencies are calculated. Detailed results are demonstrated for the dependence of resonant frequencies on the matrix stiffness. The results indicate that internal radial displacement and surrounding matrix stiffness could substantially affect resonant frequencies especially for longer doublewalled carbon nanotubes of larger innermost radius at higher resonant frequencies, and thus the latter does not keep the otherwise concentric structure at ultrahigh frequencies.