The underwater launch system using an ATP consists of five parts: compressor tank, proportional flow control servo valve, expulsion spool valve, air turbine pump, and discharge tube. The purpose of this study is to develop an underwater launch system using an ATP and to verify the validity of the system. The proportional flow control servo valve is modeled as a 2nd order transfer function. The projectile is ejected by pressurized water through the air turbine pump, which is controlled by expulsion valve. The mathematical model is derived to estimate the dynamic characteristics of the system, and the important design parameters are derived by using simulations. The computer simulation results show the dynamic characteristics and the possibility of control for underwater launch system.