Pressure propagation and attenuation characteristics in a hydraulic pipeline with a bellows type accumulator was investigated by theoretical analyses and experiments. In the first stage of the study, equations to evaluate the amount of oil volume charged into the bellows together with nitrogen gas were proposed. In the next stage, the authors suggested a mathematical model based on transfer matrix method to describe the dynamic characteristics of the pipe element with a metal bellows type accumulator. Through comparisons and considerations of the experimental and the numerical data shown in frequency domain, the validity of the mathematical model was confirmed.