The feature information of small-scale targets is seriously missing under the interference of complex underwater terrain and light refraction. Moreover, the unbalanced distribution of underwater target samples can also affect the accuracy of spatial semantic feature extraction. Aiming at the above problems, this paper proposes a dynamic multiscale feature fusion method for underwater target recognition. Firstly, this paper uses multiscale info noise contrastive estimation (MS-InfoNCE) loss to extract the significant features of the target at 4 scales. Secondly, the method learns the spatial semantic features of the target through a dynamic conditional probability matrix. Finally, this paper designs different feature fusion mechanisms for different scale targets, dynamically fusing multiscale significant features and spatial semantic features to recognize underwater weak targets. The experimental results show that the recognition accuracy of the proposed algorithm is 1.38% higher than that of the existing algorithm when recognizing underwater distorted targets.