With the wave equation, the boundary integral equation with considering compressibility is deduced. Then the motion characteristics and stability of cavitation bubble driven by traveling wave are obtained. The influences of wave frequency, amplitude and initial phase on the motion of cavitation bubble are analyzed. The results show that the motion stability is enhanced with the increase of drive frequency or the reduction of drive amplitude. With appropriate frequency and amplitude, the jet will be formed at the anaphase of contraction, and the direction is the same as that of the traveling wave. With the consideration of compressibility, the time for once pulsation of the cavitation bubble is shortened and the pulsation amplitude is reduced, correspondingly the jet tip velocity and the inner pressure also decrease. With the increase of drive frequency or the reduction of drive amplitude, the pulsation amplitude and intensity of jet decrease. The variation of initial phase will lead to the changes of the initial motion state of cavitation bubble and the jet strength.