In the paper the dynamics of the oscillating moving load acting in the interior of the hollow cylinder surrounded with elastic medium is studied within the scope of the exact field equations of 3D elastodynamics. It is assumed that the oscillating load act on the certain arc of the internal circle of the cylinder's cross section and this load moves with constant velocity along the cylinder's axis. The corresponding 3D dynamic problem is solved by employing moving coordinate system, the exponential Fourier transform and the presentation these transforms with the Fourier series. The expressions of the transforms are determined analytically, however their originals are found numerically. Under the investigations carried out in the paper the main attention is focused on the so-called "gyroscopic effect", according to which, the influence of the vibration frequency on the values of the critical velocity and interface stresses are determined. Numerical results illustrated this effect are presented and discussed. In particular, it is established how the non-axisymmetricity of the problem acts on the influence of the load oscillation on its critical velocity and on the interface stresses.