This paper establishes the equivalent density and equivalent P-wave velocity models of coal bodies with different water saturation, and investigates the P-wave propagation evolution law of coal bodies with different water saturation from the perspective of numerical simulation. When the experimental coal samples continue to use high-pressure water after reaching the natural saturation state, the water saturation can be further increased, and the increase in water saturation is larger, and the corresponding P-wave velocity also appears to be increased more substantially, and this phenomenon also occurs in numerical simulation results, which indicates that the P-wave velocity will have an obvious increasing trend when the coal body is from nearly saturated to fully saturated. The experimental and numerical simulation results show that the P-wave velocity of coal samples increases with the water saturation degree in a similar exponential function, which further verifies the reasonableness and feasibility of the modelling based on the assumption of gas-liquid homogeneous medium. In addition, the propagation of P-wave in coal samples is affected by the pore and fracture structure, and the pore and fracture with small pore size has less influence on the P-wave, and vice versa.