The feasibility of monitoring changes in guided waves’ characteristics in a fractured long bone as modeled by a hollow cylinder and a callus at different healing stages is studied. Various guided wave modes are detected and extracted from a broadband signal at several discrete locations. The energy-spectrum and vFEP (effective velocity of the first energy peak in callus region) of guided modes are found sensitive to the healing process in different aspects and stages. The healing process may be divided into several sub-courses, each of which can be evaluated by different combinations of guided wave modes. The energy-spectrum indicates that the longitudinal tube modes L(0,1) and L(0,2) are suitable for early healing; L(0,1), L(0,2), L(0,3), and L(0,5) for midway-course; and L(0,1) and L(0,3) for late consolidation, while L(0,2), L(0,5), and L(0,8) are suitable for detecting the change in callus geometrics. The vFEP results suggest that L(0,5) for monitoring early-course; L(0,3) and L(0,7) for midway process; L(0,2) for later consolidation, and L(0,7) for monitoring geometrical variation.