In order to understand critical vibrations of a drill bit such as stick-slip and bit-bounce and their wave propagation characteristics through a drillstring system, it is critical to model the torsional, longitudinal, and flexural waves. The objective is to model these waves propagating through the drillstring in a computationally efficient way. Here, a modeling method based on an acoustic transfer matrix between two sets of wave variables at the ends of a cylindrical pipe is proposed. For a drillstring system with multiple pipe sections, the total acoustic transfer matrix is calculated by multiplying all individual matrices of which each is obtained for an individual pipe section. Since drillstring systems are typically extremely long, conventional numerical analysis methods such as FEM require a large number of meshes, which makes it difficult to analyze these drillstring systems. On the contrary, the “analytical” acoustic transfer matrix method requires significantly low computational costs. For the validation, experimental and numerical data are obtained from a laboratory measurement and by using a commercial FEM package, ANSYS, respectively. They are compared to the modeling results obtained by using the proposed method. It is shown that the modeling results are well matched with the experimental and numerical results.