In the area of naval architecture and ocean engineering, the research about the underwater explosion problem is of great significance. To achieve prolonged simulation of near-free surface underwater explosion, the underwater explosion transient numerical model is established in this paper based on compressible Eulerian finite element method (EFEM). Compared with Geers–Hunter formula, EFEM is availably validated by simulating the free-field underwater explosion case. Then, the bubble pulsation and flow field dynamic characteristics of the cases with different underwater explosive depth are compared in this work. Lastly, the height of the water hump and the pressure of flow flied are analyzed quantitatively through the simulation results.