A torch was designed and fabricated in order to develope the technology of "locally drying underwater welding" by water curtain method. The condition for the formation of the possible local cavity, the mechanical properties and the thermal cycle of welds were investigated in the developed welding equipment compared with in-air welding. The possibility of highly reliable and practical underwater welding was found. The proper local cavity was formed above the water flowrate of 30l/min and CO$_{2}$ gas flowrate of 100l/min. The bead width and penetration depth were increased with increasing welding current. The hardness of weldments is about 160Hv in air welding, but about 210Hv in underwater welding. The elongation and the impact value of underwater weldments are 15% and 6Kg/cm$^{2}$ respectively, which are only half as much as the values of in-air welding. The cooling time in the temperature range from 800.deg.C to 500.deg.C affecting the structure and the hardness of weldments is about 22sec. in air welding while about 10sec. in underwater welding.r welding.