The effects of the size and solubility of an air bubble on the B-value and P-wave velocity of a partly saturated sand are discussed. The relations between B-value and P-wave velocity are determined for large triaxial specimens with Dr=64% and 84%. Theoretical formulas have been derived for determining the P-wave velocity of a partly saturated sand containing air bubbles. It is shown that: (1) the solubility of air bubbles in the pore-water significantly affects the relations between B-value and P-wave velocity; (2) the practical coefficient of solubility of air bubble pressured in the pore-water is about 0.002; (3) the B-value and P-wave velocity increase with a decrease in the air bubble size. This tendency is significant, when the diameter of the air bubble is less than about 0.005mm.