Wave propagation in sandwich panels with a poroelastic core, which is modeled by Biot's theory, is investigated using the waveguide finite element method. A waveguide poroelastic element is developed based on a displacement-pressure weak form. The dispersion curves of the sandwich panel are first identified as propagating or evanescent waves by varying the damping in the panel, and wave characteristics are analyzed by examining their motions. The energy distributions are calculated to identify the dominant motions. Simplified analytical models are also devised to show the main physics of the corresponding waves. This wave propagation analysis provides insight into the vibro-acoustic behavior of sandwich panels lined with elastic porous materials.