Submarine volcano monitoring is vital for assessing volcanic hazards but challenging in remote and inaccessible environments. In the vicinity of Kita‐Ioto Island, south of Japan, unusual M ∼ 5 non‐double‐couple volcanic earthquakes exhibited quasi‐regular recurrence near a submarine caldera. Following the earthquakes in 2008 and 2015, a distant ocean bottom pressure sensor recorded distinct tsunami signals. In this study, we aim to find a source model of the tsunami‐generating earthquake and quantify the pre‐seismic magma overpressure within the caldera's magma reservoir. Based on the earthquake's characteristic focal mechanism and efficient tsunami generation, we hypothesize that submarine trapdoor faulting occurred due to highly pressurized magma. To investigate this hypothesis, we establish mechanical earthquake models that link pre‐seismic magma overpressure to the size of the resulting trapdoor faulting, by considering stress interaction between a ring‐fault system and a reservoir of the caldera. The trapdoor faulting with large fault slip due to magma‐induced shear stress in the submarine caldera reproduces well the observed tsunami waveform. Due to limited data, uncertainties in the fault geometry persist, leading to variations of magma overpressure estimation: the pre‐seismic magma overpressure ranging approximately from 5 to 20 MPa, and the co‐seismic pressure drop ratio from 10% to 40%. Although better constraints on the fault geometry are required for robust magma pressure quantification, this study shows that magmatic systems beneath calderas are influenced significantly by intra‐caldera fault systems and that tsunamigenic trapdoor faulting provides rare opportunities to obtain quantitative insights into remote submarine volcanism hidden under the ocean.