It is very important to understand the acoustical properties of porous medium. To study the relationship between acoustical and other physical properties of porous medium will help us to use acoustical tools for determining the physical properties of porous medium. Many researchers have paid much attention to the properties of acoustic wave propagation in the gassy marine sediments based on the Biot model which is popularly used to predict the dispersion and attenuation of sound in saturated porous medium. The patchy model which contains gas inside the spherical water predicts that the existence of gas just has little effect on the propagation of acoustic wave in porous medium when the gas content is very small. However, the presence of a small number of bubbles in a fluid saturated sediment will lead to different acoustic responses. As is well known, the bubble vibration theory proposed by Keller and Miksis shows that a small number of bubbles existing in the liquid will have a great influence on sound velocity and attenuation. Therefore, in order to study the effect of a small amount of gas existing in fluid saturated porous medium on the property of acoustic wave propagation, we investigate a bubbly liquid saturated porous medium and consider the case of the bubbles vibrating linearly under the action of sound waves. First, we derive the continuity equation of the seepage according to the mass conservation of the pore fluid and the relationship between porosity differentiation and pore fluid pressure differentiation. Then, the bubble linear vibration theory given by Commander is used to deal with the time derivative of gas volume fraction in the continuity equation of the seepage, The bubble linear vibration theory gives the relationship between instantaneous bubble radius and background pressure of the medium. Through this relationship, we obtain the equation of time derivative of gas volume fraction and time derivative of pore fluid pressure. Then, we combine the obtained equation with the continuity equation of seepage, and obtain the modified continuity equation of seepage whose form is similar to that of Biot model. Finally, the modified Biot's equations for fluid saturated porous medium containing a small amount of bubbly fluid is obtained. As is well known, an effective density fluid model for acoustic propagation in sediments, derived from Biot theory, just can predict the acoustic properties of the fast compressional waves. However, the present model can predict the acoustic properties of fast, slow compressional waves and shear waves propagating in sediments. Through numerically calculating the dispersion, attenuation, amplitude ratios of pore fluid displacement to solid displacement for fast and slow compressional waves, it is found that the existence of a small number of bubbles has an influence on the acoustic properties of both the fast compressional waves and the slow compressional waves, especially the velocity of the fast compressional wave. In addition, the low-frequency speed approximation formula for the fast compressional wave is also presented. The approximate formula directly indicates the relationship between the velocity of fast compressional wave and the parameters of porous medium such as the gas volume fraction and the bubble radius. This study shows that the influence of a small number of bubbles in fluid saturated on acoustic wave propagation is noticeable. The modified Biot model presented in this paper provides one model to study the properties of acoustic waves in fluid saturated porous medium with a small number of bubbles.