In oil and gas industry, mud-pulse telemetry has been widely used to obtain directional data, drilling parameters, formation evaluation data and safety data, etc. Generally, the drilling mud in most current models was considered to be a single-phase fluid through which the mud pulses travel, despite the fact that the drilling mud is composed of two or more phases. In this article, a multiphase flow formula was proposed to calculate the mud-pulse velocity as mud solids and free-gas content change, and a mathematical model was put forward to simulate the dynamic-transmission behavior of the mud-pressure pulse or waves. Compared to conventional methods, the present model provides more accurate mud-pulse attenuation, and the dynamic-transmission behavior of drilling-mud pulses along well bores can also be easily examined. The model is valuable in improving the existing mud-pulse systems and developing new drilling-mud pulse systems.