Static and dynamic responses of a circular cylindrical shell made of hyperelastic arterial material are studied. The material is modeled as a combination of Neo-Hookean and Fung materials. Two types of pressure loads are studied—distributed radial forces and deformation-dependent pressure. The static responses of the shell under these two loads differ essentially at moderate strains, while the behavior is similar for small loads. The principal difference is that the axial displacements are much larger for the shell under distributed radial forces, while for actual pressure the shell is stretched both in circumferential and axial directions. Free and forced vibrations around preloaded configurations are analyzed. In both cases, the nonlinearity of the single-mode (driven mode) response of the preloaded shell is quite weak, but a resonant regime with both driven and companion modes active has been found with more complicated nonlinear dynamics.