The demand for high-performance underwater thrusters in marine engineering is increasing. The concealed, mobile, and efficient underwater ability of fish provides many directions for research. The black ghost knifefish uses only wavy ventral fins to swim and can hover and roll in the water. Based on the physiological and morphological characteristics of the black ghost knifefish, we explored the structure and movement mode of the ventral fin, so as to establish a two-degree of freedom (2-DOF) structural model and kinematic model. We reveal the motion mechanism of the undulating fin propulsion through the constructed model and computational fluid dynamics. It is found that when the fin surface fluctuates, a pair of vortices with opposite directions will be formed on the concave side of the fin surface. These vortices will produce a central jet on the fin surface, provide a reverse impulse for the ventral fin, and make the fin obtain power. In addition, we found that the propulsive force of the ribbon fin along the body direction is positively correlated with the swing amplitude and frequency of the fin movement, and the propulsive torque of the ribbon fin to realize the maneuvering movement increases first and then decreases with the increase of the torsion angle. The research on the structure and motion mechanism of the ribbon fin of the black ghost knifefish provides a basis for the development of a bionic prototype of multi-DOF motion and the control strategy of high-mobility motion.