Pulsed discharge in the vicinity of a multi-phase interface, where a discontinuity of physical properties exists, can be a joint problem of both electro- and thermo-physics. This study shows a comprehensive analysis of electric breakdown across an air-water interface and its successive multi-physical effects. The scenario is constructed via a pair of pin electrodes positioned on both sides of the interface, and the transient discharge is analyzed using high-speed backlight photography synchronized with electrical and optical diagnostics. It is observed that the corona/streamer develops from either side of the pin electrode. Electrostatic instability causes the interface to fluctuate and a water column to form above the interface. By increasing the applied voltage, discharge evolves from “dielectric barrier” mode (pin to interface) to “through breakdown” mode (pin to pin). Once the conductive channel bridges two electrodes, electric power of ∼40 kW peak and deposited energy of 100 mJ will be injected into the channel and promote the “streamer-spark” transition, resulting in a crown-like splash (100 m s-1) near the interface and cavity formation. As the quenching of diffused plasmas, the over-expanded splash (5 mm in diameter) would be re-compressed by the ambient air. Particularly, the shrinkage of the thin water film of the splash can reach a 20 mm jet near the axis and develop Rayleigh-Taylor instability, along with the formation of micro-jets eruption during the convergent collision. More sophisticated interactions will appear at higher repetitive frequency (>100 Hz), where the perturbation caused by one pulse will influence the next, namely the “memory” effect. Furthermore, periodic loading on the interface effectively changes the cavity characteristics, showing an attractive prospect in fluid control applications.