The blast wave propagation in underwater explosion was studied. The shock propagation in water medium was different from that in air. The blast effect in water lasted longer and offered resistance to the expansion of hot gases and release of energy. A theoretical analysis of the expansion of blast wave in water was carried out and numerical results for pressures and temperatures were obtained as functions of distance and time by analytically solving the governing equations. The initial peak pressures of blast waves, which were required for theoretical analysis were calculated using the blast wave theory. Underwater blasts with different weights (0.045, 0.5, and 1.0 kg) of the aluminized high explosive HBX‐3 were conducted to record pressure as a function of distance and time from the blast point. Theoretical results were compared with experimental data and empirical data for HBX‐3 from literature. Since the measurement of pressure and temperature at close proximity of point of detonation is difficult, theoretical modeling of underwater blast is of significant importance.