In this paper, the dynamics and the buckling loads for an Euler–Bernoulli beam resting on an inhomogeneous elastic, Winkler foundation are studied. An analytical, asymptotic method is proposed to determine the stability of the Euler–Bernoulli beam for various types of inhomogeneities in the elastic foundation taking into account different types of damping models. Based on the Rayleigh variation principle, beam buckling loads are computed for cases of harmonically perturbed types of inhomogeneities in the elastic foundation, for cases of point inhomogeneities in the form of concentrated springs in the elastic foundation, and for cases with rectangular inclusions in the elastic foundation. The investigation of the beam dynamics shows the possibility of internal resonances for particular values of the beam rigidity and longitudinal force. Such types of resonances, which are usually typical for nonlinear systems, are only possible for the beam due to its inhomogeneous foundation. The occurrence of so-called added mass effects near buckling instabilities under the influence of damping have been found. The analytical expressions for this “added mass” effect have been obtained for different damping models including space hysteresis types. This effect arises as a result of an interaction between the main mode, which is close to instability, and all the other stable modes of vibration.