The underwater muzzle transient flow field is an unsteady, multiphase complex flow field interacting with projectiles and containing various shock wave structures. The turbulent mixing of gunpowder gas and water has a significant impact on the development of the muzzle gas flow field. Moreover, the muzzle gas flow field disturbs the motion of the projectile, thereby affecting shooting accuracy. As part of this research, an unsteady multiphase flow model of the underwater muzzle transient flow field is established by combining the theories of multiphase flow and turbulent mixing. The volume of fluid model is employed to trace the two-phase interface, while the gas–liquid turbulent mixing is described by the standard k–ε turbulence model. Furthermore, the cavitation model is used to describe the cavitation phenomenon caused by the motion of the projectile. The established numerical model is validated by comparing underwater launching experimental results. Accordingly, the muzzle flow field of a 30 mm underwater gun under different water depth conditions is numerically calculated. The results demonstrate that, as the water depth increased, the gunpowder gas is exposed to relatively high water pressure during the expansion process, resulting in a continuous decrease in the core area of the gas, and the Mach disk is also increasingly closer to the muzzle. At different water depths, the diameter of the Mach disk conforms to the binomial law with time, while the displacement of the Mach disk from the muzzle increases exponentially with time.