The smoothed particle hydrodynamics (SPH) method is widely used to simulate underwater explosion phenomena. However, previous studies have focused on the interaction between the underwater explosion and continuous structures (e.g., steel plates and dams), while studies on the interaction between the explosion and discrete objects (e.g., debris) have not been reported. In this study, a multi-media coupled model containing water, explosion gas, discrete objects, and steel plates is developed based on the SPH method. The discrete object is modeled as a rigid body with a certain shape, which is discretized by SPH particles. The interaction between the discrete object and the adjacent fluid particles is realized by the kernel approximation, while the collision between different objects is realized by the contact algorithm. To improve the numerical stability, an artificial viscous term containing a threshold switch is added to the SPH momentum equation, while a density dissipation term is introduced into the continuity equation to reduce the noise of the pressure field. Subsequently, the established SPH model is used to simulate the underwater explosion process containing discrete rigid bodies, and the effects of the distribution, stacking form, and number of rigid bodies on the propagation of shock waves, bubble expansion, and deformation of steel plates and the effect of damage are analyzed. The results show that the rigid body will hinder the propagation of shock waves, help reduce the peak pressure of the shock wave behind, and then affect the direction of the diffusion of the explosion energy. Shock waves would produce diffraction, reflection, and transmission when passing through the rigid bodies, and the superposition of various waves would make the pressure distribution near the liquid–gas interface irregular. The rigid bodies stacked above the explosives would enhance the damage effect of the explosion on the steel plates below, and the damage effect is affected by the stacking form. The established model can simulate the multi-medium coupling process in a unified framework without coupling other methods and can effectively restore the complex interaction process between underwater explosion, discrete object, and structure.