This book contributes to the methodology of an evaluation of elastic properties of cortical bones by the ultrasonic wave inversion. Velocities of acoustic waves inputting into this inverse problem are measured by the ultrasonic based pulse-echo immersion technique. The main contribution of this approach is involving the geometry of bone specimens into the inverse algorithm by the application of the simplified ray method. The stability of resulting data is evaluated by the statistical method based on the Monte-Carlo simulation. Two additional ultrasonic based experimental techniques, the pulse through transmission contact method and the resonant ultrasound spectroscopy (RUS), are tested here in order to validate and improve the wave inversion access. This work is appropriate for the investigation of bone elastic coefficients and should be useful to all researchers or students in field of Biomechanics of Bone Tissue or anyone else who is interested in investigation of material properties by the propagation of acoustic waves.