The construction method of submerged floating pipeline was proposed and its the calculation model and calculation method were given. The wave loads on the tube were calculated by the Morison formula, and the internal force of the pipeline under the action of wave force and flow force was calculated and analyzed. With the aid of ANSYS software, the finite element calculation model of the submerged floating pipeline was established. The speed and acceleration of water quality point were calculated by using Airy linear wave theory, the load and internal force on the pipeline were calculated. Comparative results show that the calculation results are basically consistent, and the deviations are within the controllable range, which can provide reference for the subsequent research and application.