In this paper, we study the thrust performance of a biomimetic robotic swimmer that uses ionic polymer–metal composite (IPMC) as a flexible actuator in viscous and inertial flow, for a comprehensive understanding of IPMC swimmers at different scales. A hydrodynamic model based on the elongated body theory was developed. Based on image analysis, the parameters of the model were identified and simulation results were obtained. To obtain the hydrodynamic thrust performance of the robotic swimmer, we implemented a novel experimental apparatus. Systematic tests were conducted in the servo towing system to measure the self-propelled speed and thrust efficiency under different actuation of IPMC. The undulatory motions of the IPMC swimmer were identified. Experimental results demonstrated that the theoretical model can accurately predict the speed and thrust efficiency of the robotic swimmer. When the Reynolds number of the robotic swimmer was reduced to approximately 0.1%, its speed and thrust efficiency were reduced by 95.22% and 87.33% respectively. It was concluded that the robotic swimmer has a low speed and thrust efficiency when it swims in a viscous flow. Generally, the thrust performance of the robotic swimmer is determined by the kinematics and Reynolds number. In addition, the optimal actuation frequency for the thrust efficiency is greater in a viscous fluid. These results may contribute to a better understanding of the swimming performance of IPMC actuated swimmers in a distinct flow regime (viscous and inertial regime).