The electro-elastic behavior of a viscoelastically loaded layered cylindrical resonator (sensor) comprising two coupled hollow cylinders is presented. The inner cylinder is a piezoelectric ceramic tube. The outer cylinder is a non-piezoelectric (passive) metallic cylinder. An analytical formula for the electrical admittance of a compound layered cylindrical resonator loaded with a viscoelastic liquid is established. Admittance (conductance) diagrams were obtained using a continuum electromechanical model. The established analytical formulas enable the determination of the influence of the liquid viscosity, material, and geometrical parameters of a compound cylindrical resonator on the response characteristics of the compound sensor. In the paper, the sensor implications resulting from the performed analysis are described. Moreover, the algorithm of the method developed by the authors to evaluate the rheological parameters of a viscoelastic liquid is presented. Good agreement between the theoretical results and experimental data is shown. The analysis presented in this paper can be utilized for the design and construction of cylindrical piezoelectric viscosity sensors, annular accelerometers, filters, transducers, and multilayer resonators.