The elastic modulus of cement paste is the key parameter for characterizing the mechanical response of concrete. In modern concrete technology, the admixtures are often used to enhance the performance of concrete. This paper introduces a nondestructive testing method to evaluate the dynamic elastic modulus of cement paste. Moreover, the effect of water-cement ratio and conventional admixtures on the dynamic elastic modulus of cement paste is investigated, in which three kinds of admixtures are taken into account including Viscosity Modifying Admixture (VMA), Silica Fume (SF), and Shrinkage-Reducing Admixture (SRA). The results from experimental investigation indicate that the dynamic elastic modulus of cement paste increases with decreasing water-cement ratio. The addition of SF increases the dynamic elastic modulus, however, the overdosage of VMA causes its reduction. SRA reduces the elastic modulus at early age without affecting the elastic modulus at later period.