It is of great significance to characterize the dynamics of underwater explosive bubbles in close proximity to mutually perpendicular walls for ensuring the safety of important underwater structures. In this paper, a dynamic experiment on underwater explosion bubbles was carried out near constructed mutually perpendicular walls. High-speed cameras were utilized to capture high-resolution images, while pressure sensors recorded pressure–time history curves. The main focus was on studying the evolution process of bubble morphology and pulse characteristics. When the position of the charge's center relative to the horizontal wall remained fixed, decreasing the distance between the charge's center and the vertical wall resulted in a reduction in the equivalent maximum radius of bubbles and an increase in its pulsation period. Additionally, the asymmetric collapse of bubbles on a single wall transformed into asynchronous collapse on two walls, with most collapsed bubbles tending to migrate and expand toward the corner formed by mutually perpendicular walls. The resulting jet from the collapse of bubbles exhibited deflection toward the vertical wall, with an inclination angle increasing approximately proportionally with dimensionless distance ratio γh/γv. Moreover, it became more difficult for achieving effective focusing of bubble energy as the jet approached the corners formed by mutually perpendicular walls. The experiments also implied that reducing the dead weight of the vertical wall weakened its contact with the horizontal wall, causing an increase in the equivalent maximum radius of bubbles and jet inclination, as well as a decrease in the bubble pulsation period, under the same dimensionless distance γv.