According to generalized characteristic theory, a characteristic analysis for stress wave propagation in transversely isotropic fluid-saturated porous media was performed. The characteristic differential equations and compatibility relations along bicharacteristics were deduced and the analytical expressions for wave surfaces were obtained. The characteristic and shapes of the velocity surfaces and wave surfaces in the transversely isotropic fluid-saturated porous media were discussed in detail. The results also show that the characteristic equations for stress waves in pure solids are particular cases of the characteristic equations for fluid-saturated porous media.