This paper is concerned with the dynamic behaviors of wave propagation in layered periodic composites consisting of piezoelectric and piezomagnetic phases. The dispersion relations of Lamb waves are derived. Dispersion curves and displacement fields are calculated with different piezoelectric volume fractions. Numerical results for BaTiO3/CoFe2O4 composites show that the dispersion curves resemble the symmetric Lamb waves in a plate. Exchange between the longitudinal (i.e. thickness) mode and coupled mode takes place at the crossover point between dispersion curves of the first two branches. With the increase of BaTiO3 volume fraction, the crossover point appears at a lower wave number and wave velocity is higher. These findings are useful for magnetoelectric transducer applications.KEY WORDS piezoelectric/piezomagnetic composite, layered periodic structure, wave, dispersion behavior