The stability of a viscous particle-laden flow in a vertical plane channel in the presence of the gravity force is studied. The flow is described using a two-fluid "dusty-gas" model with negligibly small volume fraction of fines and two-way coupling of the phases. Two different profiles of the particle number density in the main flow are considered: homogeneous and non-homogeneous in the form of two layers symmetric about the channel axis. The novel element of the linear-stability problem formulation is a particle velocity slip in the main flow caused by the gravity-induced settling of the dispersed phase. The eigenvalue problem for a linearized system of governing equations is solved using the orthonormalization and QZ algorithms. For a uniform particle number density distribution, it is found that there exists a domain in the plane of Froude and Stokes numbers, in which the two-phase flow in a vertical channel is stable for an arbitrary Reynolds number. This stability domain corresponds to relatively small-inertia particles and large velocity-slip in the main flow. In contrast to the flow with a uniform particle number density distribution, the stratified dusty-gas flow in a vertical channel is unstable over a wide range of governing parameters. The instability at small Reynolds numbers is determined by the gravitational mode characterized by small wavenumbers (long-wave instability), while at larger Reynolds numbers the instability is dominated by the shear mode with the time-amplification factor larger than that of the gravitational mode. The results of the study can be used for optimization of a large number of technological processes, including those in riser reactors, pneumatic conveying in pipeline systems, hydraulic fracturing, and well cementing.