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Simulating and predicting wave propagation in porous media saturated with two fluids is an important issue in geophysical exploration studies. In this work, wave propagation in porous media with specified structures saturated with two immiscible fluids was studied, and the main objective was to establish a wave equation system with a relatively simple structure. The wave equations derived by Tuncay and Corapcioglu were analyzed first. It was found that the coefficient matrix of the equations tends to be singular due to the inclusion of a small parameter that characterizes the effect of capillary stiffening. Therefore, the previously established model consisting of three governing equations may be unstable under natural conditions. An improved model based on Tuncay and Corapcioglu’s work was proposed to ensure the nonsingularity of the coefficient matrix. By introducing an assumption in which one fluid was completely wrapped by the other, the governing equation of the wrapped fluid was degenerated. In this way, the coefficient matrix of wave equations became nonsingular. The dispersion and attenuation prediction resulting from the new model was compared with that of the original model. Numerical examples show that although the improved model consists of only two governing equations, it can obtain a result similar to that of the original model for the case of a porous medium containing gas and water, which simplifies the complexity of the calculations. However, in a porous medium with oil and water, the predictions of dispersion and attenuation produced by the original model obviously deviate from the normal trend. In contrast, the results of the improved model exhibit the correct trend with a smooth curve. This phenomenon shows the stability of the improved model and it could be used to describe wave propagation dispersions and attenuations of porous media containing two immiscible fluids in practical cases.