An improved model based on Biot poroelastic theory is presented incorporating the initial seepage flow in the matrix. The proposed model quantifies wave propagation in the oil field development process as VSP, transient well tests, and seismic production technology. Porosity variation, fluid-solid compressibility, and pseudo-threshold pressure gradient in low permeability reservoir are simultaneously considered, resulting in a modified form of continuity and motion equations. Integrating the equations and decomposition for the fluid-solid displacements helps to derive the analytical wave vectors of the fast P, slow P, and S waves in porous media. The sensitivity of affecting factors, such as petrophysical parameter, fluid property, and vibration frequency, on the wave velocity and attenuation is subsequently evaluated. Furthermore, the Biot model can be considered a special situation when the initial flow rate in this model tends to zero. The increase in initial percolating rate, expressed by the ratio of initial flow rate and solid scalar potential, causes an obvious decrease in the fast P wave velocity and an increase in its quality factor. Propagation of the slow P wave and the S wave is scarcely influenced. Low vibration frequency and low permeability also contribute to a large difference between the wave propagation parameters of the improved and Biot models. Cognition of the proportion in the inertia and viscosity effects is helpful in analyzing the complicated multiple mechanisms in wave propagation in the actual developed layer.