Pulsating hydraulic fracturing (PHF) is a promising fracturing technology for unconventional reservoirs because it could improve the hydraulic fracturing efficiency through inducing the fatigue failure of reservoir rocks. Understanding of the pressure wave propagation behavior in wellbores and fractures plays an important role in PHF optimization. In this paper, a transient flow model (TFM) was used to describe the physical process of pressure wave propagation induced by PHF, and this model was solved by the method of characteristics (MOC). Combination of the TFM and MOC was validated with experimental data. The impacts of controlling factors on the pressure wave propagation behavior were fully discussed, and these factors include the frequency of input loading, an injection mode, an injection position, and friction. More than 10,000 sets of pressure wave propagation behaviors in different scenarios were simulated, and their differences were illustrated. In addition, the generation mechanisms of different pressure wave propagation behaviors were explained by the Fourier transform theory and the vibration theory. The important finding is that there is resonance phenomenon in the propagation of the pressure wave, and the resonance frequencies are almost equal to the natural frequencies of a fluid column. As a consequence of resonance phenomenon, the amplitudes of bottomhole pressure (BHP) and fracture tip pressure will increase sharply when the input loading frequency is close to the resonance frequency and less than 5 Hz; otherwise, the resonance phenomenon will disappear. Furthermore, an injection mode can alter the resonance frequency and the amplitude and frequency of the induced pressure wave. In addition, a friction effect can significantly decrease both the resonance frequency and the resonance amplitude. These findings indicate that the optimized input loading frequency should be close to the natural frequency of a fracturing fluid in a wellbore to enhance its BHP.