The elasto dynamic wave propagation in a piezoelectric plate immersed in fluid is studied based on the three dimensional theory of linear elasticity. Three displacement potential functions are used to uncouple the equations of motion in radial, circumferential and axial directions. The frequency equations that include the interaction between the plate and fluid are obtained by the perfect-slip boundary conditions using the Bessel function solutions. The numerical calculations are carried out for the material PZT-4 and the computed nondimensional frequency, phase velocity and attenuation coefficient are plotted as the dispersion curves for the immersed plate with different velocity ratio.