The numerical instability problem in the standard transfer matrix method has been resolved by introducing the layer stiffness matrix and using an efficient recursive algorithm to calculate the global stiffness matrix for an arbitrary anisotropic layered structure. For general anisotropy the computational algorithm is formulated in matrix form. In the plane of symmetry of an orthotropic layer the layer stiffness matrix is represented analytically. It is shown that the elements of the stiffness matrix are as simple as those of the transfer matrix and only six of them are independent. Reflection and transmission coefficients for layered media bounded by liquid or solid semi-spaces are formulated as functions of the total stiffness matrix elements. It has been demonstrated that this algorithm is unconditionally stable and more efficient than the standard transfer matrix method. The stiffness matrix formulation is convenient in satisfying boundary conditions for different layered media cases and in obtaining modal solutions. Based on this method characteristic equations for Lamb and surface waves in multilayered orthotropic media have been obtained. Due to the stability of the stiffness matrix method, the solutions of the characteristic equations are numerically stable and efficient. Numerical examples are given.