A novel capacitive micromachined ultrasonic transducer is designed and fabricated. This transducer employs a stack of two deflectable membranes suspended over a fixed bottom electrode. In this configuration, the two moving membranes deflect simultaneously in response to a bias voltage, which results in a smaller effective cavity height compared with the conventional capacitive transducers. Electromechanical and acoustic analyses are conducted to investigate the transducer properties. A set of seven transducers with radii ranging from 30 to 55 μm were fabricated utilizing a sacrificial microelectromechanical system fabrication technology. Electrical measurements were performed and were compared with results from physical deflection measurements utilizing an optical vibrometer system. The results have been compared with analytical models as well as characterization of a set of five conventional, single membrane, transducers fabricated with the same technology. These experiments indicate a good agreement between the model and measured data. A larger membrane deflection and smaller cavity height are achieved from the double membrane devices. Therefore, this type of device may enhance the transducer acoustic power generation capability as well as increasing its sensitivity both of which result from the reduction in the transducer effective cavity height.