The fluid-structure interaction of the oscillating bubble and floating body with circular hole is essentially the nonlinear coupling problem among the incomplete movable boundary, free surface and bubble. This problem is particularly complicated in bubble dynamics. Combined with the volume of fluid method, the Eulerian finite element method is employed to deal with the fluid movement. Based on the improved penalty immersed boundary method, the transient axisymmetric numerical model is established in this paper, considering the fluid-structure interaction effect. The results of simulation are consistent with those of the electric discharge bubble experiment and explosion experiment. Subsequently, considering the influence of the hole size, floating body density, explosive location, and buoyancy, this complex fluid-structure interaction problem is analyzed systematically. Through numerical simulation, we get some new conclusions. When the radius of the hole R h less than the maximum radius of the oscillating bubble, the changes in the whole system are incredibly intense, and the free surface crushing will emerge. The energy of the bubble acts more on the radial direction of the floating body, when the explosive location parameter is small. When the floating body has the same density as the water, the multiple spike skirt is displayed vividly. And the buoyancy of fluid can produce a lifting effect on the floating body.