By carrying out numerical analyses and model experiments, this paper presents the attenuation characterization of an L(0,2) guided ultrasonic wave propagating in a buried steel pipe. From this investigation, we first find that the L(0,2) mode has a better attenuation property. Second, it is shown from the numerical analyses that the attenuation increases with increases in the soil embedment length (0, 500, 1000, and 1500 mm) and degrees of saturation (0, 50, 99, and 100%). Third, it is also shown from the model experiment that the attenuation increases as the embedment lengths and soil moisture quantities (0, 10, 20, and 30 kg) increase. Finally, we find that an exponential extrapolation gives a better attenuation prediction because the extrapolation gives similar attenuation patterns between the numerical and experimental results.