The low frequency interchange mode and d ift wave in a hot electron plasma are analyzed by using the Vlasov equation, and the effect of hot electrons is discussed. The stabilization of the drift wave occurs when α～30%, and the stabilization of the interchange mode occurs when α～10%, where a is the fraction of hot electrons. The influences of ion Larmor radius, density gradient and temperature of plasma, wavelength of perturbation, and magnetic curvature, on the stability are discussed. Comparing with the results of the strongly collisional drift wave derived from the MHD approximation, the collisionless drift wave can be stabilized by the ho electrons more easily.