In this paper, the effects of plane pre-stresses on the free vibration and static analyses of circular and annular sandwich panels are examined based on an accurate formulation, as first time. It is assumed that initially pre-stresses consist of in-plane normal (tensile/compressive) and pure bending stresses. New first-order shear deformation theory together with a layerwise approach for sandwich panel is utilized. The sandwich panels are made up of either orthotropic or heterogeneous polar orthotropic materials. Furthermore, piecewise-defined linear local in-plane displacements are adopted based on zigzag theory. The governing partial differential equations are extracted by implementing principle of minimum total potential energy. A unified analytical solution procedure is developed based on power series method for the analysis of heterogeneous initially stressed annular and circular sandwich panels with arbitrary boundary conditions. The transverse shear stress is precisely calculated by considering three-dimensional theory of elasticity. To validate the proposed formulation, the obtained results are compared with those of finite element method. After numerically demonstrating the accuracy of the method, the effects of different geometrical and material parameters, boundary conditions and in-plane pre-stresses on the free vibration and static behavior of circular and annular sandwich panels are investigated.