The dynamic modulus of elasticity (Ed), specified by ultrasonic pulse velocity measurements, is often used, especially for concrete built into construction, to estimate the static modulus of elasticity (Ec,s). However, the most commonly used Equations for such estimations do not take into account the influence of concrete moisture. The aim of this paper was to establish this influence for two series of structural lightweight aggregate concrete (LWAC) varying in their strength (40.2 and 54.3 MPa) and density (1690 and 1780 kg/m3). The effect of LWAC moisture content turned out to be much more pronounced in the case of dynamic modulus measurements than for static ones. The achieved results indicate that the moisture content of the concrete should be taken into consideration in modulus measurements as well as in Equations estimatingEc,son the basis ofEdspecified by the ultrasonic pulse velocity method. The static modulus of LWACs was lower on average by 11 and 24% in relation to dynamic modulus, respectively when measured in air-dried and water-saturated conditions. The influence of LWAC moisture content on the relationship between specified static and dynamic moduli was not affected by the type of tested lightweight concrete.