To explore the complex flow field and noise characteristics of underwater high-speed gas jets, the mixture multiphase model, large eddy simulation method, and Ffowcs Williams–Hawking (FW–H) acoustic model were used for simulations, and the numerical methods were validated by the gas jet noise experimental results. The results revealed that during the initial stages, the jet collided with the water surface and created low-pressure high-temperature gas bubbles, accompanied by much high-frequency noise. When the jet reached its maximum length, its impact weakened, the bubble broke, the jet transformed into a conical shape, and the jet noise changed from high- to low-frequency. The pressure fluctuation peaked near the position at which the Mach number reached 1, indicating that the jet was the most unstable at the sonic point. Additionally, at low frequencies, the sound pressure levels between jets with different nozzle pressure ratios were similar, whereas above 400 Hz, under-expanded jets had higher sound pressure levels. This paper provides theoretical guidance for the study of underwater jet noise.