Tissue mimicking phantoms play a crucial role in the development of Acoustic Radiation Force Impulse Imaging. This paper deals with the preparation and study of agar based tissue mimicking phantoms. Acoustic and elastic properties are studied for various concentration of agar samples (1.7%-10% by weight). Acoustic properties are measured using pulse echo transmit receive principle. Young's modulus of the samples are measured using compression test. Reproducible phantom preparation procedures are standardised for matching various properties of normal and abnormal human soft tissues. © 2012 IEEE.