The surface acoustic waves (SAWs) technique is becoming an attractive tool for accurately and nondestructively characterizing the mechanical property of the brittle low dielectric constant (low-k) thin film. The theoretical equations for describing SAWs propagating on the multi-layered structure are derived in this study. The dispersion features of SAWs propagating on different structures of low-k/SiO2/Si substrate, SiO2/low-k/Si substrate, low-k/Si substrate, and low-k/Cu/Si substrate are investigated to instruct an accurate and facile fitting process for determining Young’s modulus of low-k films. The dependence of dispersion relation on the film thickness, elastic modulus of low-k materials as well as frequency are provided and discussed in detail. The study shows an obvious influence of layered structure on the dispersion relation of SAWs. For a fixed structure, the dispersion curvature increases with the decrease of Young’s modulus of low-k films.