The two-wave phenomenon reflects not only bone mass but also the complex bone structure of cancellous bone. We propose a new simple imaging technique based on the two-wave phenomenon for investigating the anisotropic structure of cancellous bone. A cylindrical specimen of cancellous bone was obtained from a bovine femur. The structure (alignment of trabeculae) of the specimen was obtained from 3-D X-ray micro computed tomography imaging. Using a conventional ultrasonic pulse technique, we rotated the receiver around the specimen to investigate the ultrasonic fields after propagation within the specimen. The ultrasonic propagation image clearly showed the effect of the bone structure. We found that the fast wave showed apparent refraction, whereas the slow wave did not. Fast-wave propagation imaging is thus a simple and convenient technique for easy interpretation of the anisotropic structure. This imaging technique has the potential to become a powerful tool to investigate the structure of trabeculae during in vivo measurements.