Extremely low-frequency (ELF: below 30 Hz) wave penetration theory in the layered oceanic lithosphere is essential for studying submarine communications. In this article, we investigate the mode theory of ELF wave propagation in a layered oceanic lithosphere waveguide. Based on the real situation of the oceanic lithosphere approximated by the stratified prototype, in which a low-conductivity layer lies between two overlying and underlying high-conductivity regions, a theoretically sound physical model of oceanic lithosphere waveguide is built. The modal equations for transverse magnetic (TM) and transverse electric (TE) polarized guided modes are delivered using surface impedance boundary conditions. By evaluating the reflection coefficients of the upper and lower waveguide boundaries, formulas for the modal equation's roots are derived. Analytical expressions for propagable mode parameters, such as the phase velocity, attenuation rate, excitation factor, and the field strength for different components, are obtained, and the cutoff frequency for high-order modes is given. Computations show that the field component curves exhibit typical peaks and nulls associated with multiple-mode propagation in the waveguide region, with each mode traveling at different phase velocities and attenuation rates. Moreover, it is found that all the high-order modes are evanescent below the cutoff frequency.