The new two-phase model for compressible fluid flows in nonlinear poroelastoplastic media is presented. The derivation of the model is based on the symmetric hyperbolic thermodynamically compatible systems theory, which is developed with the use of the first principles and fundamental laws of irreversible thermodynamics. The governing PDEs form the first-order hyperbolic system and can be used for studying awide variety of processes in saturated porous medium, including smallamplitude wave propagation. The theory predicts the three types of waves: fast and slow pressure waves and a shear wave, as it is in Biot'smodel. The material constants of themodel are fully determined by the properties of the solid and fluid constituents, and unlike Biot's model do not contain empirical parameters. The governing PDEs for small-amplitude wave propagation in a saturated porous medium are presented and studied by means of the efficient numerical method, which is based on the finite difference fourth-order staggered-grid discretization.