The behavior of a vertical plunging jet was numerically investigated using the coupled Level Set and Volume of Fluid method. The computational results were in good agreement with the experimental results reported in the related literature. Vertical plunging jet characteristics, including the liquid velocity field, air void fraction, and turbulence kinetic energy, were explored by varying the distance between the nozzle exit and the still water level. It was found that the velocity at the nozzle exit plays an unimportant role in the shape and size of ascending bubbles. A modified prediction equation between the centerline velocity ratio and the axial distance ratio was developed using the data of the coupled Level Set and Volume of Fluid method, and it showed a better predicting ability than the Level Set and Mixture methods. The characteristics of turbulence kinetic energy, including its maximum value location and its radial and vertical distribution, were also compared with that of submerged jets.