The wake effects on aeroelastic deflections and aerodynamics for the isotropic and composite rotor blades have been investigated. To take into account the large deflections and rotations of rotor blades, a large-deflection beam model was used. A free-wake model based on vortex-lattice method was used to obtain the aerodynamic forces while considering wake effects. Newton-Raphson iteration method was applied to the aeroelastic analysis to obtain the numerical solutions. The flap, lag, and torsion deflections considering wake effects by using the free-wake model were investigated and compared with the results using two-dimensional quasi-steady model. Finally, aerodynamic changes after aeroelastic deflections were investigated.