Fluids confined in nanopores are ubiquitous in nature and technology. In recent years, the interest in confined fluids has grown, driven by research on unconventional hydrocarbon resources -shale gas and shale oil, much of which are confined in nanopores. When fluids are confined in nanopores, many of their properties differ from those of the same fluid in the bulk. These properties include density, freezing point, transport coefficients, thermal expansion coefficient, and elastic properties. The elastic moduli of a fluid confined in the pores contribute to the overall elasticity of the fluid-saturated porous medium and determine the speed at which elastic waves traverse through the medium. Wave propagation in fluid-saturated porous media is pivotal for geophysics, as elastic waves are used for characterization of formations and rock samples. In this paper, we present a comprehensive review of experimental works on wave propagation in fluid-saturated nanoporous media, as well as theoretical works focused on calculation of compressibility of fluids in confinement. We discuss models that bridge the gap between experiments and theory, revealing a number of open questions that are both fundamental and applied in nature. While some results were demonstrated both experimentally and theoretically (e.g. the pressure dependence of compressibility of fluids), others were theoretically predicted, but not verified in experiments (e.g. linear scaling of modulus with the pore size). Therefore, there is a demand for the combined experimental-modeling studies on porous samples with various characteristic pore sizes. The extension of molecular simulation studies from simple model fluids to the more complex molecular fluids is another open area of practical interest.