Understanding the velocity and attenuation characteristics of ultrasonic waves in cortical bone and bone mimics is important for studies of osteoporosis and fractures. Three complementary approaches have been used to help understand the ultrasound propagation in cortical bone and bone mimics immersed in water, which is used to simulate the surrounding tissue in vivo. The approaches used were Lamb wave propagation analysis, experimental measurement and two-dimensional (2D) finite difference modelling. First, the water loading effects on the free plate Lamb modes in acrylic and human cortical bone plates were examined. This theoretical study revealed that both the S0 and S1 mode velocity curves are significantly changed in acrylic: mode jumping occurs between the S0 and S1 dispersion curves. However, in human cortical bone plates, only the S1 mode curve is significantly altered by water loading, with the S0 mode exhibiting a small deviation from the unloaded curve. The Lamb wave theory predictions for velocity and attenuation were then tested experimentally on acrylic plates using an axial transmission technique. Finally, 2D finite difference numerical simulations of the experimental measurements were performed. The predictions from Lamb wave theory do not correspond to the measured and simulated first arrival signal (FAS) velocity and attenuation results for acrylic and human cortical bone plates obtained using the axial transmission technique, except in very thin plates.