A method for homogenization of a heterogeneous (finite or periodic) elastic composite is presented. It allows direct, consistent, and accurate evaluation of the averaged overall frequency-dependent dynamic material constitutive relations. It is shown that when the spatial variation of the field variables is restricted by a Bloch-form (Floquet-form) periodicity, then these relations together with the overall conservation and kinematical equations accurately yield the displacement or stress modeshapes and, necessarily, the dispersion relations. It also gives as a matter of course point-wise solution of the elasto-dynamic field equations, to any desired degree of accuracy. The resulting overall dynamic constitutive relations however, are general and need not be restricted by the Bloch-form periodicity. The formulation is based on micro-mechanical modeling of a representative unit cell of the composite proposed by Nemat-Nasser and coworkers; see, e.g., [1] and [2].We show that, for a micro-structured elastic composite, the overall effective massdensity and compliance (stiffness) are always real-valued and positive, whether or not the corresponding unit cell (representative volume element used as a unit cell) is geometrically and/or materially symmetric. The average strain and linear momentum are however couple and the coupling constitutive parameters are always each others complex conjugates for any heterogeneous elastic unit cell, such that the overall energy-density is always real and positive. In this paper, we have sought to separate the overall constitutive relations which should depend only on the composition and structure of the unit cell, from the overall field equations which should hold for any elastic composite; i.e., we use only the local field equations and material properties to deduce the overall constitutive relations.It is shown, by way of an example of a bi-layered composite, that dispersion curves obtained by our method accurately produce the exact results of Rytov [3]. The method is also used to calculate the effective parameters for a 2-layered composite and the results are compared with those of homogenization based on the field integration of the exact solution (Willis [4], and Nemat-Nasser et al. [5]), and certain relevant issues are clarified. Finally the method is used to homogenize both a symmetric and a non-symmetric 4-layered composite and the results for the symmetric case are compared with those reported by Nemat-Nasser et al. as the exact solution. Thus, this method provides a powerful solution and homogenization tool to use in many cases where the unit cell contains inclusions of complex geometry.