Dynamically installed anchors, such as torpedo and fish anchors, are innovative and cost-effective anchorage foundations. In this study, the advantages and disadvantages of these two types of dynamically installed anchors are discussed by comparing the hydrodynamic and bearing characteristics of torpedo and fish anchors commonly used in practical engineering. First, based on OpenFOAM, 3D numerical models were established to investigate the directional stability and simulate the underwater free-fall process of anchors using static and dynamic model analysis methods. Using the validated model, the hydrodynamic performances (i.e., inclination angle, installation offset distance, penetration velocity, and drag coefficient) of torpedo and fish anchors were explored and compared. Based on these findings, the installation height of each anchor was recommended. Finally, the bearing performances of the torpedo and fish anchors were investigated using ABAQUS, and the selection principles of these two types of dynamically installed anchors were presented based on their hydrodynamic and bearing behaviors.