A new spectral-method algorithm can be used to study wave propagation in cylindrically layered fluid and elastic structures. The cylindrical structure is discretized with Chebyshev points in the radial direction, whereas differentiation matrices are used to approximate the differential operators. We express the problem of determining modal dispersions as a generalized eigenvalue problem that can be solved readily for all eigenvalues corresponding to various axial wavenumbers. Modal dispersions of guided modes can then be expressed in terms of axial wavenumbers as a function of frequency. The associated eigenvectors are related to the displacement potentials that can be used to calcu-late radial distributions of modal amplitudes as well as stress components at a given frequency. The workflow includes input parameters and the construction of differentiation matrices and boundary conditions that yield the generalized eigenvalue problem. Results from this algorithm for a fluid-filled borehole surrounded by an elastic formation agree very well with those from a root-finding search routine. Computational efficiency of the algorithm has been demonstrated on a four-layer completion model used in a hydrocarbon-producing well. Even though the algorithm is numerically unstable at very low frequencies, it produces reliable and accurate results for multilayered cylindrical structures at moderate frequencies that are of interest in estimating formation properties using modal dispersions.