The steady-state transverse responses and the stability of an axially accelerating viscoelastic string are investigated. The governing equation is derived from the Eulerian equation of motion of a continuum, which leads to the Mote model for transverse motion. The Kirchhoff model is derived from the Mote model by replacing the tension with the averaged tension over the string. The method of multiple scales is applied to the two models in the case of principal parametric resonance. Closed-form expressions of the amplitudes and the existence conditions of steady-state periodical responses are presented. The Lyapunov linearized stability theory is employed to demonstrate that the first (second) non-trivial steady-state response is always stable (unstable). Numerical calculations show that the two models are qualitatively the same, but quantitatively different. Numerical results are also presented to highlight the effects of the mean axial speed, the axial-speed fluctuation amplitude, and the viscoelastic parameters.