The high degree of porosity of cancellous bone makes elastic property measurement difficult by traditional mechanical testing methods. An ultrasonic technique is described with which mechanical properties of anisotropic, rigid, porous materials, such as cancellous bone, can be measured. The technique utilizes unique piezoelectric transducers operated in a continuous wave mode at a frequency of approximately 50 kHz. Both longitudinal and shear waves can be propagated and received with the transducers allowing both Young's moduli and shear moduli to be determined with the technique. A comparison between moduli measured with the ultrasonic technique and moduli measured with traditional mechanical testing shows the new method to be quite accurate in elastic property determination, (r² = 0.935, E_mech = 1.00 E + 23.3 MPa) (r² = 0.656, G_mech = 1.08 G_ult − 3.3 MPa).