The existing researches on the dynamics of the fluid-conveying pipes only focus on stability and vibration problems, and there is no literature report on the wave propagation of the fluid-conveying pipes. Therefore, the purpose of this paper is to explore the propagation characteristics of longitudinal and flexural waves in the fluid-conveying pipes. First, it is assumed that the material properties of the fluid-conveying pipes vary based on a power function of the thickness. In addition, it is assumed that the material properties of both the fluid and the pipes are closely depended on temperature. Using the Euler-Bernoulli beam equation and based on the linear theory, the motion equations considering the thermal-mechanical-fluid coupling is derived. Then, the exact expressions of phase velocity and group velocity of longitudinal waves and bending waves in the fluid-conveying pipes are obtained by using the eigenvalue method. In addition, we also studied the free vibration frequency characteristics of the fluid-conveying pipes. In the numerical analysis, we successively studied the influence of temperature, functional gradient index and liquid velocity on the wave propagation and vibration problems. It is found that the temperature and functional gradient exponent decrease the phase and group velocities, on the contrary, the liquid flow velocity increases the phase and group velocities. However, for vibration problems, temperature, functional gradient exponent parameter, and fluid velocity all reduce the natural frequency.