To reduce the energy dissipation of the submerged water jet, a series of experiments of the submerged water jet wrapped in an annular gas jet are performed under different gas ventilation rates, annular sizes, water jet nozzle diameters, and water jet velocities in a transparent water tank. In the experiments, a ventilated cavity is created by the annular gas jet that encloses the submerged water jet. The submerged water jet is separated from the surrounding water within a certain distance after leaving the nozzle exit by the ventilated cavity, which contributes to the effective working length of the submerged water jet significantly increasing, referring to the energy dissipation decrease. Furthermore, the geometry of the ventilated cavity changes periodically, i.e., the cavity length and diameter decrease after increasing to the peak values in each cycle. Moreover, the ventilated cavity development process can be mainly divided into formation, collapse, and intermission stages. The maximum cavity length of the ventilated cavity decrease with the per unit time momentum ratio between the water jet and the gas jet. Namely, the per unit time momentum ratio between the water jet and the gas jet is the dominating parameter of the cavity geometry.