An innovative seawater-source heat pump system (SWHPs) was developed by employing capillary box heat exchangers (CBHEs) buried in the seabed as the front-end heat exchanger. Field experiments were firstly presented to test the efficiency of the SWHPs in a practical project. The experimental results show that even under extreme cold/hot climate conditions, the 24-hour COP/EER of the heat pump unit can reach respectively 2.96 and 5.39, which is superior to an alternative air source heat pump (ASHP). Furthermore, an unsteady state three-dimensional seepage and heat transfer model was established to study the thermal performance of CBHEs buried in the seabed using ANSYS FLUENT software. Based on the model, the influences of seawater seepage velocity, thermophysical characteristics of backfilled sand, and flow velocity in the capillary tube on the thermal characteristics of CBHEs were investigated. Moreover, considering the per area heat transfer rate of CBHEs as the evaluation target, the sensitivities of five representative factors including the flow velocity in capillary tubes, seawater seepage velocity, specific heat capacity, density and thermal conductivity of the backfilled sand were discussed using the single factor sensitivity analysis to detect the significant influence parameters.