According to the characteristic of elastic waves propagation in medium and the application of elastic waves method in rock mass engineering, the cranny mass with random crannies was regarded as quasi-isotropic cranny mass. In accordance with the rock rupture mechanics, principle of energy balance and Castiglano’s theorem, the relationship of effective dynamic parameters of elasticity ((E),(v),(G)) and cranny density parameters or porosity was put forward. On this basis, through the theory of elastic waves propagation in isotropic medium, the relationship between the elastic wave velocity and cranny density parameters and porosity was set up. The theoretical research results show that, in this kind of cranny rock masses, there is nonlinear relationships between the effective dynamic parameters of elasticity and wave velocities and the cranny density parameter or porosity; and with the increase of cranny density parameter or porosity of cranny rock masses, the effective dynamic modulus and the elastic wave velocities of cranny rock masses will decrease; and at the same time, when the cranny density parameter or porosity is very small, the effective dynamic modulus of elasticity and the elastic wave velocities change with the cranny density parameter, which can explain the sensitivity of effective elastic parameters and elastic wave velocities to cranny rock masses.