Acoustic properties of bovine cancellous bone were experimentally and theoretically investigated in the frequency range of 0.5–1 MHz. For theoretical estimation the modified Biot–Attenborough (MBA) model was employed. Phase velocity, attenuation coefficient, and BUA of cancellous bone were described as the functions of frequency and porosity. The relative orientation between the ultrasonic beam and the bone specimens was the mediolateral (ML) direction of the bovine tibia. Since the fast and slow waves were completely overlapped, only one longitudinal wave was observed for propagation in the ML direction. The MBA model for nonrigid porous medium with circular cylindrical pores well described the experimental results of acoustic wave propagation in cancellous bone. [Work supported by BK21 Program, KRF(KRF‐2000‐015‐DP0178), and KOSEF(2000‐1‐11100‐002‐2) in Korea.]