Abstract: The research on the acoustic effects of underwater explosions has attracted considerable attention due to their wide application value in national defense and marine engineering. This paper systematically reviews relevant domestic and international research on sound source level and acoustic propagation. Regarding sound source level, studies—from theoretical modeling and numerical simulation to experimental measurement—have revealed how boundary conditions, charge geometry, and sensor distance influence shock wave characteristics and bubble pulsation behavior. With respect to propagation laws, the mechanisms and patterns by which seabed topography, sound speed profiles, and the axis of the sound channel affect acoustic propagation are analyzed and discussed. Finally, future research trends in characterizing underwater explosion sound sources and modeling long-range acoustic propagation are outlined.