Based on the conditions of displacement and stress on interfaces and applying the δmatrix method and the dispersion equation in solid multilayered media, the authors deduced the dispersion equation in the existence of fluid multilayered media. A quantitative agreement was reached between the deduced equation and some previous researchers' equations. The modeling results show the correctness and universality of the deduced equation and the integrality of the calculating results. When the multilayered media contain fluids, the dispersion curves assume the zero mode curve which is inexistent in solid multilayered media. The zero mode curves can be regard as a sign of the existence of fluid interlayer in multichannel analysis of surface waves (MASW).