We present an application of the higher order asymptotic homogenization method (AHM) to the study of wave dispersion in periodic composite materials. When the wavelength of a travelling signal becomes comparable with the size of heterogeneities, successive reflections and refractions of the waves at the component interfaces lead to the formation of a complicated sequence of the pass and stop frequency bands. Application of the AHM provides a long-wave approximation valid in the low-frequency range. Solution for the high frequencies is obtained on the basis of the Floquet–Bloch approach by expanding spatially varying properties of a composite medium in a Fourier series and representing unknown displacement fields by infinite plane-wave expansions. Steady-state elastic longitudinal waves in a composite rod (one-dimensional problem allowing the exact analytical solution) and transverse anti-plane shear waves in a fibre-reinforced composite with a square lattice of cylindrical inclusions (two-dimensional problem) are considered. The dispersion curves are obtained, the pass and stop frequency bands are identified.