Underground excavation and tunneling may result in cavities filled with air or water. This study aims to detect cavities beneath underground concrete walls or tunnel linings and assess their risks by estimating the cavity thickness and width using electromagnetic and acoustic waves. In this study, air- and water-filled cavities are simulated, and nondestructive testing methods such as ground penetrating radar (GPR), time domain reflectometry (TDR), and microphones are used to investigate the thickness and width of a cavity beneath a reinforced concrete plate. The results show that GPR signals converted from temporal to spatial scales, combined with TDR measurements, can be used to accurately examine the cavity thickness. However, the examination of the cavity width based on GPR signals remains challenging because of the strong parabolic patterns caused by steel bars. Therefore, this study employs flexibility, which is the ratio of the particle velocity of the structure to the load signal according to the frequency. The flexibility of the concrete plate calculated using microphone signals increases in the cavity section for both air- and water-filled cavities because the flexural vibration mode prevails at the cavity–concrete plate interface. The characteristics of the microphone signals analyzed in the context of flexibility enabled the prediction of the cavity width beneath the concrete plate in both air- and water-filled cavities. GPR and TDR signatures combined with microphone signals can be used for the detection and risk assessment of cavities beneath underground structures when subjected to variations in the groundwater level.