Composites containing saturated fluid are widely distributed in nature, such as saturated rocks, colloidal materials and biological cells. In the study to determine effective mechanical properties of fluid-saturated composites, a micromechanical model and a multi-scale homogenization-based model are developed. In the micromechanical model the internal fluid pressure is generated by applying eigenstrains in the domain of the fluid phase and the explicit expressions of effective bulk modulus and shear modulus are obtained. Meanwhile a multi-scale homogenization theory is employed to develop the homogenization-based model on determination of effective properties at the small scale in a unit cell level. Applying the two proposed approaches, the effects of the internal pressure of hydrostatic fluid on effective properties are further investigated.