A water jet with an air ring protective layer is a promising rock-breaking and cutting rate improvement method in submerged environment, such as oil-gas drilling. The jet flow field characteristic determines the jet impinge performance and is affected by nozzle structure parameters. In this study, the water jet flow with air ring under submerged environment was numerically simulated. The jet flow field structure with air ring was obtained by analyzing the distributions of jet velocity and air content at different cross sections. The effects of several critical nozzle structure parameters on jet isokinetic core length and axial velocity were investigated by adopting the orthogonal design method. The results show that the jet flow field structure with air ring in radial direction includes a high-speed water jet zone, air ring protective layer, and air-water mixed zone, having the advantages of concentrated energy in axis region, long core section length, and lowvelocity attenuation. The influence degrees of nozzle structure parameters on jet core section length and axial velocity at X = 0.3 m are: length-diameter ratio > outlet diameter > conic angle > air nozzle diameter > water-air nozzle spacing and outlet diameter > length-diameter ratio > conic angle > water-air nozzle spacing > air nozzle diameter, respectively. The jet core section length and axial velocity both increase exponentially with the increasing outlet diameter, both first increase rapidly and then slowly decreases with the increase of conic angle and water-air nozzle spacing. There is the optimal conic angle of 15°and appropriate water-air nozzle spacing of 3-5 mm. With the increase of length-diameter ratio, they both first decrease rapidly and then slow down, indicating that conical nozzle is more suitable for water jet with air ring. And 0.9-1.2 mm is proper for the air nozzle diameter.