Deep-sea submersibles carry limited energy sources, so a high efficiency of the equipment is required to improve endurance. In the deep-sea environment, the hydraulic power source is filled with oil, which causes structural deformation of the power source and changes in the physical properties of the medium, leading to unknown changes in the efficiency characteristics of the power source. In order to explore the efficiency characteristics of the deep-sea hydraulic power source composed of a gear pump and a DC (direct current) brushless motor in a variable sea depth environment, we undertook the following. First, considering the effects of seawater pressure and temperature on the physical properties of the medium and the radial clearance deformation of the gear pump, a mathematical model for the total efficiency of the hydraulic power source was established. The results indicate that the deformation of the pump body is mainly determined by the seawater pressure and working pressure. Subsequently, by analyzing the effects of the two factors on the efficiency of the power source, respectively, when the oil temperature range is large enough, the total efficiency of the power source will increase and then decrease under six sea depths; the total efficiency of the power source decreases with the increase in the rotational speed. However, in a land environment, the trend of the efficiency characteristics of the power source is opposite to that of the remaining six deep-sea environments, both in terms of oil temperature and rotational speed. Finally, the efficiency trend of the power source with changes in sea depth under rated conditions was obtained. Under different sea depth ranges, the optimal operating oil temperatures and suitable rotational speed ranges of the power source could be obtained. This paper could provide a certain theoretical basis for the research and development of deep-sea equipment.