Laboratory measurement of the elastic properties of carbonates saturated with different fluids is crucial for characterizing reservoirs and monitoring CO2 sequestration. However, it is challenging to distinguish the effects of different fluids. We measured eight carbonate samples under varying pressure and fluids saturation conditions, and conducted quantitative analysis. The measurements showed that water saturation can increase P-wave velocity (Vp), while oil and CO2 saturation may lead to an increase, decrease or no change in Vp. Meanwhile, all fluids saturation reduces the S-wave velocity (Vs). The velocities of dolomite samples are higher and less pressure-sensitive than that of limestone samples. Four attributes are adopted to distinguish the fluids effect, including elastic moduli, impedance, Vp/Vs ratio, and a newly designed fluid discrimination factor F, which is proposed by multiplying P-wave modulus and square value of density change. Among the attributes, the F factor performed the best as it achieved evident and consistent results for all the samples. Rock physics models were used to simulate the elastic behaviors with the differential effective medium model predicting Vs the best. The Gassmann’s equation correctly indicated the positive or negative changes of rock velocity after fluid saturation even though its prediction did not exactly match the data. This study highlights the impact of various pore fluids on the carbonate elastic properties through laboratory measurement and theoretical modeling, and introduces a novel fluid identification factor, providing insights for reservoir seismic characterization and CO2 sequestration monitoring.