We simulate the propagation of ultrasonic waves in heterogeneous poroviscoelastic media saturated by immiscible fluids. Our model takes into account capillary forces and viscous and mass coupling effects between the fluid phases under variable saturation and pore fluid pressure. The numerical problem is solved in the space–frequency domain using a finite element procedure and the time–domain solution is obtained by a numerical Fourier transform. Heterogeneities due to fluid distribution and rock porosity–permeability are modeled as stochastic fractals, whose spectral densities reproduce saturation an petrophysical variations similar to those observed in reservoir rocks. The numerical experiments are performed at a central frequency of 500 kHz, and show clearly the effects of the different heterogeneities on the amplitudes of shear and compressional waves and the importance of wave mode conversions at the different interfaces.