In this paper, the effects of the axial load and the elastic matrix on the flexural wave in the carbon nanotube are studied. Based on the nonlocal continuum theory and the Timoshenko beam model, the equation of the flexural wave motion is derived. The dispersion relation between the frequency and the wave number is illustrated. The characteristics of the flexural wave propagation in the carbon nanotube embedded in the elastic matrix with the axial load are analyzed. The wave frequency and the phase velocity are presented with different wave numbers. Furthermore, the small scale effects on the wave properties are discussed.