Wave propagation solution of dynamic characteristics of Smart Timoshenko beam is investigated. Based on wave propagation property in the Timoshenko beam, the wave propagation transmission is introduced at a point loaded with a force or a moment, and the dynamic characteristic of the smart Timoshenko beam is given at a point with the moment caused by inverse piezoelectric effect. Through an example of smart Timoshenko cantilever beam, the magnitude frequency characteristic and phase frequency characteristic at different locations are computed by Matlab code, as well as the magnitude frequency characteristic of the smart beam under different loads. The numeric computation results illustrate that the wave propagation is available in the accurate prediction of dynamic characteristics of the piezoelectric smart beams, and supply a promising approach for dynamic computation.