The paper presents an application of the reverberation-ray matrix (RRM) method for guided wave-based non-destructive evaluation (NDE). An exact analytical model for elastic wave propagation in multilayered anisotropic composites is developed with the RRM method. Dispersion curves, namely phase and group velocities varying with frequencies, can be calculated based on the analytical model, which are critical to the guided wave-based NDE. In addition, the characteristics of the guided wave propagation along different directions in laminated composites with different anisotropic degrees are investigated. Finally, the results obtained from the model are verified by finite element simulations.