Based on the modified Biot's theory of two-phase porous media, a study was presented on seismic reflection and transmission coefficients at an air-water interface of saturated porous soil media. The major differences between air-saturated soils and water-saturated soils were theoretically discussed, and the theoretical formulas of reflection and transmission coefficients at an air-water interface were derived. The characteristics of propagation and attenuation of elastic waves in air-saturated soils were given and the relations among the frequency, the angle of incidence and the reflection, transmission coefficients were analyzed by using numerical methods. Numerical results show that the propagation characteristic of the wave in air-saturated soils is great different from that in water-saturated soils. The frequency and the angle of incidence can have great influences on the reflection and transmission coefficients at interface. Some new cognition about the wave propagation is obtained and the study suggests that we may carefully pay attention to the influence of air on the dynamic analysis of seismic wave.