The wave propagation in arbitrary anisotropic laminates is investigated on the basis of an exact theory. The Lamb wave dispersion relations are determined for graphite/epoxy symmetric angle-ply laminates and hybrid composite ones which consists of carbon/epoxy and glass/epoxy layers. The energy distributions in the thickness direction of laminates are calculated for each kind of Lamb wave. The hybrid composite laminate is found to have a capability of impact energy absorption by analyzing the strain energy distribution during the wave propagation. This result is useful in determining the arrangement and the fiber orientation of the layers of hybrid composite laminate.