The sound transmission between cavities via an elastically mounted panel with holes is predicted in this paper. The vibro-acoustic coupling system is obtained by substructure technique in which the sub-domain of the system is invariably expressed as a modified Fourier series expression. The sound pressure in the cavities and the displacement of the hole-panel is expressed as 3D and 2D Fourier series, respectively, with supplements which is adopted to accelerate the convergence of the series. Unlike the traditional modal superposition methods, the continuity of the normal velocities is faithfully enforced on the interfaces between the flexible panel and the acoustic media. The sound transmission between cavities via the hole-panel could be easily derived by setting the thickness of the hole on the panel to infinitely small. The continuity of the sound pressure on the two-side of the hole is fully studied. Several numerical examples are presented to validate the system model and study the influence of the mounting conditions of the panel and the position of the hole on the sound transmission characteristics of the vibro-acoustic system.