This paper considers the influence of the different thickness of the piezoelectric discs used in assembly of an ultrasonic sandwich transducer. The transducer consists of two piezoelectric discs with different thickness between 0 and 2.0 mm and with same diameter 28 mm. Its vibration characteristics of the radial and axial motions were investigated theoretically and experimentally in axisymmetric vibration modes. Theoretically, the differential equations of piezoelectric motions were solved to produce characteristic equations that provided natural frequencies and mode shapes. The range of the fundamental frequency of radial in-plane mode is 80–360 kHz and that of the axial out-of-plane mode is 600–1200 kHz. Experimentally, the natural frequencies and the radial in-plane motion were measured using an impedance analyzer and an in-plane laser interferometer, respectively. The results of the theoretical analysis were compared with those of a finite-element analysis and experiments, and the theoretical analysis was verified on the basis of this comparison. It was concluded that the natural frequencies of the radial modes of the transducer were not affected by the stack and thickness of piezoelectric discs; however, those of the thickness modes were affected by the stack and thickness of the piezoelectric discs.