Lighthouses are the most important hydraulic structures that should be protected during underwater drilling blasting. Thus, the effect of blasting vibration on lighthouse should be studied. On the basis of the dimensional analysis, we deduced a revised formula for water depth based on Sodev’s empirical formula and established the linear fitting model. During the underwater reef project in the main channel of Shipu Harbor in the Ningbo–Zhoushan Port, the blasting vibration data of the lighthouse near the underwater blasting area were monitored. The undetermined coefficient, resolvable coefficient, and F value of the two formulas were then obtained. The comparison of the data obtained from the two formulas showed that they can effectively predict the blasting vibration on the lighthouse. The correction formula that considers water depth can obviously reduce prediction errors and accurately predict blasting vibration.