Dual-gradient drilling technology is difficult to detect and deal with well kick, which may cause safety problems such as well control. Once a well kick occurs, the pressure in the narrow annulus increases instantaneously, so it is particularly important to clarify the transmission law of pressure wave. Taking the pressure fluctuation in the annulus of double gradient drilling as an example, considering the boundary between the inner wall of the casing annulus and the outer wall of the drill string, the fluid resistance, the flow field distribution and the multiphase flow, this paper deduces and establishes the multiphase flow pressure wave velocity model in the annulus, and compares the calculation results with the pressure wave velocity model in the circular pipe. The research shows that when the casing and drill string are in the static condition with small roughness and little difference between them, the shear stress on the inner wall of the annulus and the outer wall of the drill string can be treated as equal, and the derivation of the annulus pressure wave velocity model can be simplified. The pressure wave velocity of multiphase flow in annulus is related to casing size, drill string size and multiphase fluid properties. Among them, the gas content is the main influencing factor. With the increase of the gas content, the pressure wave velocity decreases, but the decreasing range will gradually decrease. When the solid content is small, it has little effect on the pressure wave velocity.