Three-dimensional dynamic analysis of underground openings subjected to explosive loadings considering the effects of water saturation is carried out in this study. The surrounding rock mass is assumed to be the limestone with 13.5% of porosity. Two calculations are compared using as identical explosive charge; the first in dry rock of 13.5% porosity, the second in the identical rock, but in a fully saturated condition. It is shown that velocity, displacement, and stress time histories are higher in saturated rock than those in dry rock through numerical studies. It is also shown that underground openings in saturated rock masses could be significantly more vulnerable to the potential damages associated with shear failure than those in dry medium.