The bi-material elastic system consisting of the pre-stressed hollow cylinder and pre-stresses surrounding infinite elastic medium is considered and it is assumed that the mentioned initial stresses in this system are caused with the compressing or stretching uniformly distributed normal forces acting at infinity in the direction which is parallel to the cylinder's axis. Moreover, it is assumed that on the internal surface of the cylinder the ring load which moves with constant velocity acts and within these frameworks it is required to determine the influence of the aforementioned initial stresses on the critical velocity of the moving load. The corresponding investigations are carried out within the framework of the so-called three-dimensional linearized theory of elastic waves in initially stresses bodies and the axisymmetric stress-strain state case is considered. The "moving coordinate system" method is used and the Fourier transform is employed for solution to the formulated mathematical problem and Fourier transformation of the sought values are determined analytically. However, the originals of those are determined numerically with the use of the Sommerfeld contour method. The critical velocity is determined from the criterion, according to which, the magnitudes of the absolute values of the stresses and displacements caused with the moving load approaches an infinity. Numerical results on the influence of the initial stresses on the critical velocity and interface normal and shear stresses are presented and discussed. In particular, it is established that the initial stretching (compressing) of the constituents of the system under consideration causes a decrease (an increase) in the values of the critical velocity.