Underwater pulsed discharge is widely applied in medicine, machining, and material modification. The induced cavitation bubble and subsequent cavitation collapse are considered the major motivations behind these applications. This paper presents an underwater pulsed discharge system. The experimental setup is established to induce and investigate the cavitation bubble assisted with a high-speed camera. Three aspects, including the characteristic of the discharge with different applied voltages and conductivities, the evolution of the cavitation bubble profile, and the energy efficiency of cavitation bubble inducing, are investigated, respectively. Especially, the mechanism of pre-discharge time delay in the low field intensity case is explained using the Joule heat effect. The results show the validity of the underwater pulsed discharger and experimental setup. The present underwater pulsed discharger is proved to be a simple, portable, and easy-to-implement device for the investigation of cavitation bubble dynamics.