Satellite-derived bathymetry (SDB) techniques are increasingly valuable for deriving high-quality bathymetric maps of coral reefs. Investigating the performance of the related SDB algorithms in purely spaceborne active–passive fusion bathymetry contributes to formulating reliable bathymetric strategies, particularly for areas such as the Spratly Islands, where in situ observations are exceptionally scarce. In this study, we took Anda Reef as a case study and evaluated the performance of eight common SDB approaches by integrating Sentinel-2 images with Ice, Cloud, and Land Elevation Satellite-2 (ICESat-2). The bathymetric maps were generated using two classical and six machine-learning algorithms, which were then validated with measured sonar data. The results illustrated that all models accurately estimated the depth of coral reefs in the 0–20 m range. The classical algorithms (Lyzenga and Stumpf) exhibited a mean absolute error (MAE), root mean square error (RMSE), and mean absolute percentage error (MAPE) of less than 0.990 m, 1.386 m, and 11.173%, respectively. The machine learning algorithms generally outperformed the classical algorithms in accuracy and bathymetric detail, with a coefficient of determination (R2) ranging from 0.94 to 0.96 and an RMSE ranging from 1.034 m to 1.202 m. The multilayer perceptron (MLP) achieved the highest accuracy and consistency with an RMSE of as low as 1.034 m, followed by the k-nearest neighbor (KNN) (1.070 m). Our results provide a practical reference for selecting SDB algorithms to accurately obtain shallow water bathymetry in subsequent studies.