We propose a new method for compressible multi-component flows with Mie-Gruneisen equation of state based on mass fr action. The model preserves conservation law of mass, momentum and total energy for mixture flows. It also preserves conservation of mass of all single components. Moreover, it prevents pressure and velocity from jumping across interface that separate regions of different fluid components. Wave propagation method is used to discretize this quasi-conservation system. Modification of numerical method is adopted for conservative equation of mass fraction. This preserves the maximum principle of mass fraction. The wave propagation method which is not modified for conservation equations of flow components mass, cannot preserve the mass fraction in the interval[0,1]. Numerical results confirm validity of the method.