A numerical method combining finite element analysis and a hybrid genetic algorithm is proposed to inversely determine the elastic constants from the vibration testing data. As verified from composite material specimens, the repeatability and accuracy of the proposed inverse determination method are confirmed, and it also proves that the concept of effective elastic constants is workable. Moreover, three different sets of assumptions to reduce the five independent elastic constants to four do not make clear difference on the obtained results by the proposed method. In addition, to obtain robust values of the five elastic constants for a transversely isotropic material, it is recommended to use the out-of-plane Poisson’s ratio instead of the out-of-plane shear modulus as the fifth one.