An efficient and accurate solution algorithm was proposed for 1-D unsteady flow problems widely existing in hydraulic engineering. Based on the split-characteristic finite element method, the numerical model with the Saint-Venant equations of 1-D unsteady flows was established. The assembled finite element equations were solved with the tri-diagonal matrix algorithm. In the semi-implicit and explicit scheme, the critical time step of the method was dependent on the space step and flow velocity, not on the wave celerity. The method was used to eliminate the restriction due to the wave celerity for the computational analysis of unsteady open-channel flows. The model was verified by the experimental data and theoretical solution and also applied to the simulation of the flow in practical river networks. It shows that the numerical method has high efficiency and accuracy and can be used to simulate 1-D steady flows, and unsteady flows with shock waves or flood waves. Compared with other numerical methods, the algorithm of this method is simpler with higher accuracy, less dissipation, higher computation efficiency and less computer storage.