An analytical method for the free vibration of two circular plates coupled with an inviscid and compressible fluid is developed by the Rayleigh-Ritz method. The fluid is bounded by a rigid cylindrical vessel and two circular plates with an unequal thickness and diameter. It was found that the theoretical results could predict well the fluid-coupled natural frequencies with an excellent accuracy when compared with the finite element analysis results. As the fluid thickness increases or the plate thickness difference increases, an abrupt curve veering in the natural frequency loci of the neighboring modes and drastic changes in the corresponding mode shapes are observed. The mode localization frequently appears in the higher modes and in the wide gap between the plates because of a decrease in the fluid coupling owing to the fluid dispersion effect.