In order to analyse the consolidation process, it was assumed that the highly filled suspension (HFS) was to be an elastic body. Using the final strain observed in an expansion test of the consolidated bed and the elasticity constant obtained in an uniaxial compression test in the previous work, elastic stress of the HFS was expressed as a function of the void ratio. Permeability experiment of the HFS bed was also engaged to confirm the Kozeny-Carman equation and to obtain the meterial constant in the equation. A stress equilibrium equation was derived during consolidation involving elastic stress of the HFS, static pressure for permeation and wall friction on the cylinder wall. Combining this with the continuity equation, a new consolidation equation with modified initial and boundary conditions was proposed. The solutions of the new equation could predict well the consolidation results of H-Bentonite and Kaolin suspensiouns until the middle of the consolidation process. The deviation of the approximate solution from experiments gave useful information to understand the so called “secondary consoliation process.”