The impact of a drop on liquid surfaces is studied experimentally and theoretically in the region of the fully developed splashing. In order to reveal the influence of viscosity and target liquid depth on the resulting flow patterns, the experiments were carried out with water and 70% glycerol–water solution, and for different target liquid depths. Based on the experimental observations, a dynamic model of the central jet formation at the cavity collapse is developed. This model predicts an emergence of a liquid flow up into the central jet and simultaneously a small flow velocity downward and allows us to evaluate the velocities of these two flows. A theoretical model for the cavity submergence is presented. This model gives the constant velocity of the cavity submergence which is half the initial drop impact velocity. Analytical solution for the gravity–capillary cavity collapse has been derived and provides a good fit to the experimental results. Theoretical analysis and experiments have shown that the maximum cavity radius and the cavity collapse time depend on both the Froude number and the dimensionless capillary length.