The cost and security of ocean drilling are directly related to the efficient exploration and development of ocean resources. The riserless drilling system is usually adopted in the ocean drilling. With the consideration of marine environment load, a dynamic analysis model of drill string in deep-water riserless drilling is established. This model aims to analyze the dynamic characteristics of drill string in the water and down hole during the process of deep-water riserless drilling. The research results are as follows. For the drill string in water, its displacement increase with the increase of ocean current velocity, water depth, rotation speed, and WOB. But the rotation speed and WOB have less influence. The drill string in down hole shows the same pattern. However, the drill string in down hole is only affected near the mud line and the bit, and the rest of the drill string is almost unaffected. In deep-water riserless drilling, stress on the drill string at the wellhead, near the mudline, and at the bottom hole assembly (BHA) is complex. The safety of drill string at these locations should be given great attention.