Sensitivity is an important parameter to describe the electro-acoustic energy conversion efficiency of ultrasonic transducer. In this paper, the definition of sensitivity and reciprocity of ultrasonic transducer is studied. The frequency response function of a transducer is the spectrum of its sensitivity, which reflects the response sensitivity of the transducer for input signals at different frequencies. Four common methods which are used to measure the disc-vibrator transducer sensitivity are discussed in current investigation. The reciprocity method and the pulse-echo method are based on the reciprocity of the transducer. In the laser vibrometer method measurement, the normal velocity on the transducer radiating surface is directly measured by a laser vibrometer. In the measurement process of the hydrophone method, a calibrated hydrophone is used to measure the transmitted field. The validity of these methods is checked by experimental test. All of the four methods described are sufficiently accurate for transducer sensitivity measurement, while each method has its advantages and limitations. In practical applications, the appropriate method to measure transducer sensitivity should be selected based on actual conditions.