The sandwich ultrasonic transducer with two sets of piezoelectric ceramic elements is analyzed. It is composed of a back metal mass, a front metal mass and two sets of piezoelectric elements which are separated by a middle metal cone. The two sets of piezoelectric elements are excited separately by an external alternating voltage, and therefore two groups of resonance and anti-resonance frequency equations can be obtained. Some sandwich transducers are designed and fabricated, and their frequencies are measured. It is shown that two resonance and anti-resonance frequencies can be obtained, and the frequencies depend on the geometrical dimensions and the electrical boundary conditions. In the short circuited case, the two resonance frequencies are the same, but the anti-resonance frequencies are different. In the open-circuited case, the two resonance frequencies are different; the anti-resonance frequencies are the same. The relationship between the effective electromechanical coupling coefficient, the resonance and anti-resonance frequency and the geometrical dimensions of the transducer is analyzed. It is expected that by carefully choosing the geometrical dimensions and the electrical boundary conditions, the transducer can be optimized and used as frequency-variable transducers or transducers with multi-frequency.