This paper proposes a Self-interference (SI) cancellation system model of Underwater acoustic (UWA) communication for in-band full-duplex (IBFD) technology. The SI channel is separated from the Far channel by exploiting a concurrently orthogonal pilot channel estimation technique using two orthogonal frequency-division multiplexing (OFDM) blocks to establish orthogonality between them based on a unitary matrix. Compared to the half-duplex channel estimator, the mean squared error (MSE) and the bit error rate (BER) provided strong evidence for the efficiency of the proposed SI cancellation. Since full-duplex systems are more efficient than half-duplex ones, the proposed approach might be seen as a viable option for them. The proposed method proved effective when used with a fixed full-duplex (FD) position and FD shifting of up to 4°. Different channel lengths and distances are adopted to evaluate the proposed method. Initial findings indicate that MSE for the SI channel minimum mean-square error (MMSE) estimator at 20 dB is 0.118 · 10−3, for fixed FD. In addition, this paper presents a geometry channel model for the Far channel in the IBFD underwater communication system that describes the propagation delay of the multipath reflection. The simulation results for the multipath propagation delay spread are similar to the traditional results, with the delay spread of the suggested model reaching (79 ms), which is close to the Bellhop simulator result (78 ms).