Helical structures are designed to support heavy loads, which can significantly affect the dynamic behaviour. This paper proposes a physical analysis of the effect of axial load on the propagation of elastic waves in helical beams. The model is based on the equations of motion of loaded helical Timoshenko beams. An eigensystem is obtained through a Fourier transform along the axis. The equations are made dimensionless for beams of circular cross-section and the number of parameters governing the problem is reduced to four (helix angle, helix index, Poisson coefficient, and axial strain). A parametric study is conducted. The effect of loading is quantified in high, medium and low-frequency ranges. Noting that the effect is significant in low frequencies, dispersion curves of stretched and compressed helical beams are presented for different helix angles and radii. This effect is greater as the helix angle increases. Both the effects of stress and geometry deformation are shown to be non-negligible on elastic wave propagation.