The propagation of acoustic waves in a porous medium with air bubbles on the pore walls is numerically studied. Based on the equations of mechanics of multiphase media, a dispersion relation is obtained that describes the dependence of the complex wave vector on frequency, on the basis of which the dependence of the phase velocity and attenuation coefficient on frequency for “fast” and “slow” waves is studied. The calculation results make it possible to evaluate the effect of gas bubbles on the propagation of sound waves in a porous medium with bubbles on the pore walls. The study was carried out with the financial support of the Russian Federal Property Fund in the framework of the scientific project No. 19-31-60015.