A theoretical analysis for the problem of wave propagation in arteries is presented. Blood is treated as a Newtonian, viscous incompressible fluid. On the basis of information derived from experimental investigations on the mechanical properties of wall tissues, the arterial wall is considered to be nonlinearly viscoelastic and orthotropic. The analysis is carried out for a cylindrical artery, under the purview of membrane theory, by taking account the effect of initial stresses. The motion of the wall and that of the fluid are assumed to be axisymmetric. Particular emphasis has been paid to the propagation of small amplitude harmonic waves whose wavelength is large compared to the radius of the vessel. By employing the equations of motion of the fluid and those for the wall, together with the equations of continuity, a frequency equation is derived by exploiting the conditions of continuity of the velocity of the arterial wall and that of blood on the endosteal surface of the wall. In order to illustrate the validity of the derived analytical expressions a quantitative analysis is made for the variations of the phase velocities as well as the transmission coefficient with frequency corresponding to different transmural pressures which relate to different initial stresses. Computational results indicate that phase velocities increase with the increase of transmural pressures.