The oscillations of an axially symmetric liquid drop in an acoustic standing wave field in air have been studied using the boundary integral method. The interaction between the drop oscillation and sound field has been included in this analysis. Our computations focus on the frequency shift of small‐amplitude oscillations of an acoustically deformed drop typical of a drop levitated in air. In the presence or absence of gravity, the trend and the magnitude of the frequency shift have been given in terms of drop size, drop deformation, and the strength of the sound field. Our calculations are compared with experiments performed on the United States Microgravity Laboratory (USML‐1) and with ground‐based measurements, and are found to be in good agreement within the accuracy of the experimental data. ©1995 American Institute of Physics.