We obtain the wave velocities of clay-bearing sandstones as a function of clay content, porosity and frequency. Unlike previous theories, based simply on slowness and/or moduli averaging or two-phase models, we use a Biot-type three-phase theory that considers the existence of two solids (sand grains and clay particles) and a fluid. The theory, which is consistent with the critical porosity concept, uses three free parameters that determine the dependence of the dry-rock moduli of the sand and clay matrices as a function of porosity and clay content.Testing of the model with laboratory data shows good agreement between predictions and measurements. In addition to a rock physics model that can be useful for petrophysical interpretation of wave velocities obtained from well logs and surface seismic data, the model provides the differential equation for computing synthetic seismograms in inhomogeneous media, from the seismic to the ultrasonic frequency bands.