Among the marine gravity field models derived from satellite altimetry, the Scripps Institution of Oceanography (SIO) series and Denmark Technical University (DTU) series models are the most representative and are often used to integrate global gravity field models, which were inverted by the deflection of vertical method and sea surface height method, respectively. The fusion method based on the offshore distance used in the EGM2008 model is just model stitching, which cannot realize the true fusion of the two types of marine gravity field models. In the paper, a new fusion method based on water depth segmentation is proposed, which established the Precision–Depth relationship of each model in each water depth segment in the investigated area, then constructed the FUSION model by weighted fusion based on the precision predicted from the Precision–Depth relationship at each grid in the whole region. The application in the South China Sea shows that the FUSION model built by the new fusion method has better accuracy than SIO28 and DTU17, especially in shallow water and offshore areas. Within 20 km offshore, the RMS of the FUSION model is 5.10 mGal, which is 8% and 4% better than original models, respectively. Within 100 m of shallow water, the accuracy of the FUSION model is 4.01 mGal, which is 14% and 12% higher than the original models, respectively. A further analysis shows that the fusion model is in better agreement with the seabed topography than original models. The new fusion method can blend the effective information of original models to provide a higher-precision marine gravity field.