Localization behavior of acoustic waves in random media is investigated. The detailed computation is carried out for acoustic waves propagation in water containing many air-bubbles. The localization is shown to comply with the description of a simple transport equation. Scaling behavior shows up in the transmission. The study reveals that despite of some distinctive characteristics, acoustic localization bears striking similarities to that observed recently for localization of light. The results uphold an intuitive picture about wave localization in random media, The effect of multiple scattering on the natural resonance of a single bubble is also investigated.