In order to examine the correlation between a mechanical property and an excess free volume for metallic glass Pd44Cu31Ni8P17, longitudinal and transverse ultrasonic velocities were measured to estimate longitudinal and transverse elastic constants, c11 and c44. An as-quenched sample, an annealed one at a temperature just below a glass transition temperature Tg and a crystalline one were prepared. The as-quenched sample contains the excess free volume depending on the preparing process. The Young’s modulus E, the Poisson’s ratio, a bulk modulus and c12 are estimated using c11 and c44. The values of c11, c 44 , c12 and E of the as-quenched one are smaller than those of the annealed sample losing excess free volume by about 0.2 % and much smaller than those of the crystalline one. The Poisson’s ratio for the as-quenched sample and the annealed one are 0.389 and 0.387, respectively, which are much larger than that for the crystalline one with 0.349.