The compressible characteristics in aerated flows at the high velocity of about 50m/s were analyzed. Based on the theory of compressible the relations between the sonic speed and shock wave in high-velocity aerated flow were theoretically deduced. And comparisons with measured data were made. The theoretical and experimental results show the sonic speed in aerated flow is merely of the order of several-dozen meters per second, and its minimum value is only 20m/s, which is far much less than that in water or air alone. So high subsonic flow, supersonic flow and transonic flow as well as compression wave, shock wave and expansion wave similarly to aerodnamics may be produced in high velocity aerated flow at the speed of the order of 50m/s. Hence the influences of these compressible characteristics on high head discharge structures can not be neglected, especially on super high dams over 200m high.