This study investigates the propagation of Love waves through a composite structure comprising a piezoelectric fiber-reinforced composite (PFRC) layer resting on a heterogeneous elastic substrate, influenced by a point source. The structure is considered fluid-loaded, and the study’s primary aim is to explore how fluid loading affects Love wave propagation. The fluid is modeled as a complex medium exhibiting Maxwell and Kelvin–Voigt viscoelastic behavior. Using Fourier transform techniques, Green’s function, and suitable boundary conditions, the dispersion relation is derived and validated against existing results. The dispersion relation is complex, with the real part representing the frequency curve and the imaginary part representing the attenuation curve of the Love wave. The study further explores the effects of fluid viscosity, PFRC volume fraction, and initial stress on phase velocity and attenuation with the help of graphical illustrations.