Compared to inductive power transfer (IPT) technology, capacitive power transfer (CPT) technology offers unique advantages such as being cost-effective, lightweight, and free from eddy-current losses, making it more suitable for underwater power transfer. Unlike air, water can conduct electricity and the electric conductivity of different kinds of waters varies with different ion concentrations, which would greatly affect the equivalent model of the underwater couplers. To address this issue, multiple types of underwater coupler working in different kinds of water are compared and analyzed. The influence of the electrical conductivity of water on the capacitive coupler is comprehensively analyzed, and the novel capacitive coupler and its equivalent model are proposed to improve power transfer efficiency. To verify the theoretical analysis, the double-sided LC-compensated CPT circuit is built and tap water is used in the experiment. The experimental results are consistent with the theoretical analysis. In addition, the experimental results also validate the superiority of the proposed capacitive coupler compared to existing research.