In this paper, the nonlinear planar vibration of a pipe conveying pulsatile fluid subjected to principal parametric resonance in the presence of internal resonance is investigated. The pipe is hinged to two immovable supports at both ends and conveys fluid at a velocity with a harmonically varying component over a constant mean velocity. The geometric cubic nonlinearity in the equation of motion is due to stretching effect of the pipe. The natural frequency of the second mode is approximately three times the natural frequency of the first mode for a range of mean flow velocity, resulting in a three-to-one internal resonance. The analysis is done using the method of multiple scales (MMS) by directly attacking the governing nonlinear integral-partial-differential equations and the associated boundary conditions. The resulting set of first-order ordinary differential equations governing the modulation of amplitude and phase is analyzed numerically for principal parametric resonance of first mode. Stability, bifurcation, and response behavior of the pipe are investigated. The results show new zones of instability due to the presence of internal resonance. A wide array of dynamical behavior is observed, illustrating the influence of internal resonance.