Deep‐water bridges are susceptible to severe damages under strong earthquakes. Water–structure interaction will considerably affect the dynamic performance of deep‐water bridges. In the past few decades, researchers have conducted extensive studies on the water–structure interaction and dynamic behavior of bridges through theoretical, numerical, and experimental investigations. This paper presents a comprehensive review on the calculation method for earthquake and wave‐induced hydrodynamic forces. The seismic responses of deep‐water bridges under individual or combined excitation of earthquake, wave, and current are discussed to explore the influence of water–structure interaction on the seismic capacity of deep‐water bridges. Finally, the development of testing facilities that can simulate the water–structure interaction is summarized. Particularly, a new multifunctional dual underwater shaking table system built‐in Tianjin University that can simulate multiple‐support excitation and water–structure interaction simultaneously is introduced in detail for the first time.