We establish a fundamental relationship between the averaged density of states and the extinction mean free path of wave propagating in random media. From the principle of causality and the Kramers-Kronig relations, we show that both quantities are connected by dispersion relations and are constrained by a frequency sum rule. The results are valid under very general conditions and should be helpful in the analysis of measurements of wave transport through complex systems and in the design of randomly or periodically structured materials with specific transport properties.