In　this　paper,　the　incremental　elasto-plastic　wave　equations　of　fluid-saturated　porous　media　are　solved　by　the　time-domain　explicit　finite　element　method　based　on　explicit　step-by-step　integral　format.　The　elasto-plastic　dynamic　constitutive　model　based　on　SMP　failure　criterion　is　adopted　to　describe　the　dynamic　property　of　fluid-saturated　porous　media.　Then,　the　elasto-plastic　dynamic　response　of　fluid-saturated　porous　media　under　input　earthquake　wave　is　calculated　and　analyzed　with　the　method　and　constitutive　model　mentioned　above,　and　calculating　results　are　compared　with　the　corresponding　results　of　elastic　dynamic　response.　At　last,　the　effect　of　constitutive　model　parameter　value　on　the　calculating　results　of　elasto-plastic　dynamic　response　of　fluid-saturated　porous　media　is　studied.　Calculating　results　show　that　both　the　peak　value　and　the　figure　of　time　history　of　elasto-plastic　displacement　has　obvious　difference　to　those　of　elastic　displacement;　the　plastic　potential　parameter　in　the　constitutive　model　adopted　in　this　paper　has　important　influence　on　the　calculating　results　of　elasto-plastic　displacement,　but　the　ratio　of　hardening　parameters　in　initial　loading　and　unloading　stage　to　reloading　stage　will　only　affect　the　amplitude　of　plastic　deformation　appears　by　the　end　of　dynamic　response.　In　the　meanwhile,　numerical　calculations　carried　out　in　this　paper　indicate　that　the　time-domain　explicit　finite　element　method　is　effective　for　the　calculation　and　analysis　of　the　elasto-plastic　dynamic　response　of　fluid-saturated　porous　media.