Metal sandwich panels are three-dimensional structures which have been widely used in industries mainly due to their two distinct properties: low density and high strength. Although significant efforts have been expanded in research into corrugated sandwich panels, analytical solutions are still very few. This work attempts to present accurate analytical results for static analysis of corrugated sandwich panels. In order to determine equivalent properties of corrugated core in the thickness direction, energy method in conjugation with homogenization approach is used. Based on three dimensional theory of elasticity, partial differential equations are reduced to ordinary differential equations by using the Fourier series. Analytical solutions for the stress and displacement fields are derived by using the state-space method in the thickness direction. A detailed parametric study is conducted involving the dependency of out-of-plane properties on the corrugation geometrical parameters. Moreover, effects of these variables on the stress and displacement fields are discussed.