Knowledge of the hydrodynamic behavior of carbonate bioclasts is essential for solving coastal morphodynamic problems in marine carbonate depositional environments. Marine carbonate grains are produced within the sedimentary system itself and are deformed by subsequent hydrodynamics, resulting in particle densities, sizes and shapes that are distinct from those of terrigenous sediments. In this study, we investigated the shapes and settling characteristics of gravel‐size natural coral debris collected from the coasts of Okinawa Prefecture, Japan. Based on the shape parameters and settling velocities obtained using image analysis techniques and settling tube experiments, respectively, a correlation model for predicting the settling velocity of coral gravel particles was developed by extending the previous formula of Dietrich (1982, https://doi.org/10.1029/wr018i006p01615) over particle Reynolds number values ranging from 384.23 to 4439.76. The model determines the settling velocity as a function of particle nominal diameter, form, roundness, and surface texture parameters that were selected after examining several other shape descriptors. Compared with other models, the proposed model showed better settling velocity predictive skills for coral gravel particles classified into four shape types. The proposed model also determines how the drag coefficient of coral gravel particles should be modified from that for spherical particles, by accounting for the abovementioned coral gravel particle shape parameters. The obtained data set of settling velocity and modification of the drag coefficient can be used for quantitative interpretation of suspension, transport, and sedimentation processes in marine carbonate depositional environments.