Due to the simultaneous existence of severe difficulties caused by multi-path, Doppler, and environmental noise caused by underwater acoustic channels, designing a stable and reliable underwater acoustic communication system (UWACS) is a challenging task. In addition to channel estimation and equalization, the technique of channel codes, which is capable of approaching Shannon’s capacity at a low encoding and decoding complexity, offers an efficient and reliable solution to improve the performance of the UWACS and thus draws extensive attention from the research community. By seeking a balance between communication efficiency and channel tolerance via multiple coding rate tuning, it has been recognized that the rate-compatible codes can achieve smooth rate-adaptive transmission under highly diverse underwater acoustic channel states. While there has been a substantial number of investigations on rate-compatible channel codes for the UWACS, in this paper, the research of rate-compatible channel codes has been summarized, reviewed, and compared, mainly focusing on the low-density parity-check (LDPC) and polar codes, which render flexibility in terms of code length and rate. Furthermore, typical research was evaluated and compared from the practical viewpoint of performance under real noise in a shallow water environment. Finally, problems encountered by the LDPC and polar codes for the UWACS were highlighted, and several future research issues were discussed.