The study of aquatic organisms’ ectomorphology is important to understanding the mechanisms of efficient swimming and drag reduction in fish. The drag reduction mechanism in fish remains unknown yet is needed for optimising the efficiency of bionic fish. It is thus crucial to conduct drag tests and analyses. In this paper, an optimal dolphin morphological model is constructed taking the beakless porpoise as the research object. A numerical simulation of the dolphin body model is carried out for different combinations of pitch angle and speed adopting computational fluid dynamics, and the flow field noise of the dolphin body model is solved for different speeds using the FW-H equation. When the dolphin model is oriented horizontally, the differential pressure drag accounts for approximately 20–25% of the total drag as airspeed increases. As both the pitch angle and airspeed increase, the differential pressure drag and friction drag decrease with increasing airspeed. Moreover, the acoustic energy is mainly concentrated at low frequencies for both the dolphin and Bluefin-21 models. The dolphin body model has better noise performance than the Bluefin-21 model at the same speed. The optimisation of the external morphology of the bionic underwater submarine and the analysis of the shape drag are thus important for revealing the drag reduction mechanism, reducing noise in the flow field and provide guidance for research on bionic fish.