Traditional AVO forward modeling only considers the impact of reflection coefficients at the interface on seismic wave field amplitude and ignores various propagation effects. Introducing wave propagation effects including geometric spreading, transmission loss, attenuation into seismic wave propagation, multi-wave amplitude-preserved AVO forward modeling for horizontally layered media based on ray theory is proposed in this paper. We derived the multi-wave geometric spreading correction formulas for horizontally layered media in order to describe the geometric spreading effect of multi-wave propagation. Introducing the complex traveltime directly, we built the relationship between complex traveltime and quality factor without the help of complex velocity to describe the attenuation of viscoelastic media. Multi-wave transmission coefficients, obtained by solving the Zoeppritz equations directly, is used to describe the transmission loss. Numerical results show that the effects of geometric spreading, attenuation, and transmission loss on multi-wave amplitude varies with offset and multi-wave amplitude-preserved AVO forward modeling should consider the reconstructive effect of wave propagation on reflection amplitude.