Understanding elastic properties of reservoir rocks is essential for seismic modeling under different saturation conditions as well as lithology discrimination. Experiments on elastic properties of limestones are significantly less published compared to siliciclastic sedimentary rocks. The current study presents the results of laboratory measurements on Pannonian Basin limestone cores. The research was carried out for the first time for a hydrocarbon reservoir in the Bjelovar Depression, located in the southern part of the Pannonian Basin. Ultrasonic velocity measurements and determination of dynamic elastic properties were performed on limestone plugs, in dry and saturated condition under different confining pressure steps. Based on the results obtained in laboratory conditions, an empirical relationship between shear wave velocity (Vs) and compressional wave velocity (Vp) has been defined. The saturated samples show an effect of shear modulus weakening, while three samples have a shear modulus strengthening effect. Two models were used in the interpretation of the measured data, the Kuster and Toksöz and the Xu-Payne model. The results show that the Xu-Payne model describes the data well and the dominant pore type system in the limestone samples can been identified. The interpretation revealed an interparticle pore system with a fraction of microcracks from 20% to 35%. The results have helped to understand the elastic properties of limestones from the southern part of the Pannonian Basin, which are necessary for any process of reservoir characterization, such as porosity distribution and permeability variation.