Circular plates with holes are extensively used in mechanical components. The existence of a hole in a circular plate results in a significant change in the natural frequencies and mode shapes of the structure. Especially if the hole is located eccentrically, the vibration behavior of these structures is expected to deviate significantly from that of a plate with a concentric hole. In addition, if the plate is in contact with or submerged in fluid, the situation is more complex. Therefore, in this study, an analytical method to determine the modal characteristics of a plate submerged in fluid is developed based on the finite Fourier-Bessel series expansion and Rayleigh-Ritz method and is verified by the finite element analysis using a commercial program. Also, the relationship between parameter variations and vibration modes is investigated. These results can be used as guidance for the modal analysis and damage detection of a circular plate with a hole.