Wet underwater arc welding process is investigated by using experimentally developed flux coated underwater arc welding electrode and SS400 steel plate of 12mm thickness as base metal. Three kinds of different flux covered wet arc welding electrode of 4mm diameter(BK-01, BK-02, BK-03) are individually developed, and one of the improved underwater welding electrode (BK-03) may be put to practical use for underwater wet arc welding process. The results obtained from this experimental study are as follows : 1. Arc stability of developed underwater wet welding electrode is better than that of the domestic covered arc welding electrode. 2. Workability of welding electrode, remove ability of slag and bead appearances using improved underwater wet welding electrode are remarkably better than that of others. 3. Heat affected zone of test specimen welded in the underwater gets to become a lot smaller than that of test specimen welded in the air, and the maximum hardness of heat affect zone of developed underwater wet welding electrode is lower to that of domestic arc welding electrode.