Summary It is often essential to provide backpressure to the wellbore by changing the opening size of the choke valve when a gas kick is detected during managed pressure drilling (MPD), which maintains the pressure in the bottom of the hole. In this study, a mathematical model was developed to explain how backpressure waves spread and weaken in a wellbore during MPD when there is a gas-liquid two-phase flow. The model is founded on a two-phase flow model, which thoroughly accounts for the gravity, shear force, and interphase interactions between the gas and liquid phases. The small perturbation theory was used to compute the backpressure wave’s propagation speed and attenuation coefficient. The outcome showed satisfactory agreement with other scholars’ experimental results. The model was used to study the impacts of the following variables on the backpressure wave propagation properties: void fraction, temperature, pressure, interphase resistance, shear force, density, invading gas composition, displacement of the drilling fluid, rate of intrusion of gas, gas-liquid surface tension, and drilling fluid viscosity. By using an example well, the laws of pressure wave propagation speed, attenuation coefficient, and propagation time with well depth were analyzed. Through evaluative methods in the field of economic management, the principal control variables governing the propagation of backpressure waves were determined. The conclusion is that, in terms of operational feasibility, lower drilling fluid density and reduced drilling fluid displacement are advantageous for a faster propagation of backpressure waves to the bottom of the well.