The low-frequency vibro-acoustic characteristics of a mechanical equipment—floating raft—cylindrical shell—underwater acoustic field coupled system with nonlinear supports are studied in this paper. Firstly, the state space equations were established by a modal superposition theory for the coupled system, and a modal parameter identification method was deduced and verified for the cylindrical shell—underwater acoustic field coupled subsystem. On this basis, the formulas were derived for transmitted power flow in the coupled system, and the nonlinear stiffness constitutive relation of the vibration isolation supports was expressed by softening and hardening characteristics. Finally, dynamic simulations were carried out by the Runge—Kutta method to analyze the effect of nonlinear stiffness characteristic parameters on the low-frequency vibration modes and vibro-acoustic transfer characteristics in the coupled system. The research shows that a superharmonic phenomenon is common in the steady vibration mode of the coupled system with a nonlinear softening (or hardening) stiffness characteristic under harmonic excitation. The stronger the softening (or hardening) stiffness characteristic is, the more complex the vibration form is, and the smaller (or larger) the low-frequency vibro-acoustic transfer level in resonance regions is.