Unmanned surface vehicles (USVs) have garnered significant attention across various application fields. A sufficiently accurate kinetic model is essential for achieving high-performance navigation and control of USVs. However, time-varying unobservable internal states and external disturbances pose challenges in accurately modeling the USV’s kinetics, and existing methods face difficulties in accurately estimating unknown time-varying disturbances online while ensuring precise mechanism modeling. To address this issue, a novel grey-box modeling method based on incremental learning and mechanisms (GBM-ILM) is proposed. Its union structure combines the advantages of both incremental learning networks and physical mechanisms for estimating the USV’s full kinetics. Depending on the linear parameter-varying (LPV) mechanism, it not only adheres to physical laws but also calculates the unstructured model errors. An incremental learning network is implemented to continuously refine model errors, by accounting for the USV’s time-varying characteristics and iteratively updating the network parameters and structures to adapt to different USV states and environmental disturbances. To validate this method, we developed the ‘Salmon’ USV and conducted identification experiments in a lake. Compared to tests of other state-of-the-art methods, our method has better adaptability, with 46.34%, 14.86%, and 6.87% accuracy improvements when estimating the USV’s forward, turning, and sideslip dynamic model, respectively.