This work analyzes and presents theoretical performance of a marine water-breathing ramjet propulsor. A conceptual scheme of the motor is shown, the equation of thrust is presented, and the dependence on cruise velocity and depth are discussed. Different propellant compositions, representing a wide variety of formulations suitable for propelling a water-breathing ramjet, are investigated. The theoretical results reveal that the specific impulse of a water-breathing ramjet can increase by as much as 30% compared to a standard rocket, when using a conventional hydroxyl terminated polybutadiene (HTPB)-ammonium perchlorate (AP) propellant, which does not react chemically with the water. When employing a water-reactive propellant containing metal particles such as magnesium or aluminum, the specific impulse may be more than doubled. The thrust coefficient of the propulsor was computed at different cruise velocities and depths and was found to be greater than the predictable drag even at significant depth.