Osteoporotic bones are likely to have less cortical bone than healthy bones. The velocities of guided waves propagating in a long cylindrical bone are very sensitive to bone properties and cortical thickness (CTh). This work studies the dispersion and attenuation of ultrasonic guided waves propagating in long cylindrical bone. A hollow cylinder filled with a viscous liquid was used to model the long bone and then to calculate the theoretical phase and group velocities, as well as the attenuation of the waves. The generation and selection of guided wave modes were based on theoretical dispersive curves. The phase velocity and attenuation of cylindrical guided wave modes, such as L(0,1), L(0,2) and L(0,3), were measured in bovine tibia using angled beam transducers at various propagation distances ranging from 75 to 160 mm. The results showed that the phase velocity of the L(0,2) guided wave mode decreased with an increase in CTh. The attenuation of the low cylindrical guided wave modes was a nonlinear function that increased with propagation distance and mode order. The L(0,2) mode had a different attenuation for each CTh. The experimental results were in good agreement with the predicted values. Cylindrical guided waves of low-frequency and low-order have been shown to demonstrate more dispersion and less attenuation and should, therefore, be used to evaluate long bone.