Great progress has been made in the field of ultrasonic processing in recent years, and piezoelectric ceramic transducers have been widely used as drive sources. In this paper, a sandwich piezoelectric ceramic transducer is designed, and the vibration of each part of the transducer is analyzed by elastic mechanics and piezoelectric theory. According to its mechanical and electrical boundary conditions, the vibration model of the piezoelectric transducer was established. Based on the equivalent elastic modulus method for simplifying the pre-stressed bolts into a one-dimensional transducer vibration model, the relationship between the one-dimensional axial response frequency of the transducer and the length of each component was obtained. Based on the half wavelength theory, a transducer with the vibration node in the crystal stack and an inherent frequency of 15 kHz was designed and fabricated. In order to verify the natural frequency and vibration characteristics of the piezoelectric transducer, a laser vibration measurement system was built in this study. The vibration characteristics of the transducer under different parameters such as voltage and frequency were analyzed, and the accuracy of the vibration model was verified. The vibration states of the end surface of the transducer and the radial surface were evaluated at the first-order inherent frequency and second-order inherent frequency. The results show that the equivalent simplified model established in this study can effectively design the inherent frequency of the transducer, and the operation at the first-order inherent frequency meets the one-dimensional assumptions of this study. The transducer operating conditions measured in this study also provide a more detailed reference for ultrasonic processing applications.