The engineered barrier system (EBS) for deep geological disposal of high-level radioactive waste requires a buffer material that can prevent groundwater infiltration, protect the canister, dissipate decay heat effectively, and delay the transport of radioactive materials. To meet those stringent performance criteria, the buffer material is prepared as a compacted block with high-density using various press methods. However, crack and degradation induced by stress relaxation and moisture changes in the compacted bentonite blocks, which are manufactured according to the geometry of the disposal hole, can critically affect the performance of the buffer. Therefore, it is imperative to develop an adequate method for quality assessment of the compacted buffer block. Recently, several non-destructive testing methods, including elastic wave measurement technology, have been attempted to evaluate the quality and aging of various construction materials. In this study, we have evaluated the compressive wave velocity of compacted bentonite blocks via the ultrasonic velocity method (UVM) and free-free resonant column method (FFRC), and analyzed the relationship among compressive wave velocity, dry density, thermal conductivity, and strength parameter. We prepared compacted bentonite block specimens using the cold isostatic pressure (CIP) method under different water content and CIP pressure conditions. Based on multiple regression analysis, we suggest a prediction model for dry density in terms of manufacturing conditions. Additionally, we propose an empirical model to predict thermal conductivity and unconfined compressive strength based on compressive wave velocity. The database and suggested models in this study can contribute to the development of quality assessment and prediction techniques for compacted buffer blocks used in the construction of a disposal repository.