Recent advancements in marine technology have highlighted the urgent need for enhanced underwater acoustic applications, from sonar detection to communication and noise cancellation, driving the pursuit of innovative transducer technologies. In this paper, a new underwater thermoacoustic (TA) transducer made from carbon nanotube (CNT) sponge is designed to achieve wide bandwidth, high energy conversion efficiency, simple structure, good transient response, and stable sound response, utilizing the TA effect through electro-thermal modulation. The transducer has potential application in underwater acoustic communication. An electro-thermal-acoustic coupled simulation for the open model, sandwich model, and encapsulated model is presented to analyze the transient behaviors of CNT sponge TA transducers in liquid environments. The effects of key design parameters on the acoustic performances of both systems are revealed. The results demonstrate that a short pulse excitation with a low duty cycle could greatly improve the heat dissipation of the encapsulated transducer, especially when the thermoacoustic response time becomes comparable to thermal relaxation time.