A theoretical approach was applied to study the vibration of simple-supported submerged horizontal plate. The derived analytical solution was used to determine natural frequencies for a horizontal plate vibrating in fluid. The investigations were conducted for a very wide range of material density and elasticity modulus covering all materials used in engineering practice. Analysis shows that plate vibration frequency decreases with increasing plate width and draft, and decreases with decreasing plate thickness. Moreover, the results show that a substantial effect on vibration of submerged plate has mass of water above plate. The results also show that plate vibration frequency decreases with increasing plate material density and decreases with decreasing elasticity modulus. The dominant factors affecting the vibration of the submerged plate are the plate width, the plate thickness, and elasticity modulus. For moderate and low values of elasticity modulus, vibration frequency is becoming lower than frequency of water waves. This is very important because wave frequencies overlap with the natural plate vibration frequencies, which may lead to resonance and failure of a structure. The problem is that the overlap of plate vibration frequencies and wave frequencies occurs for very wide range of wave and plate parameters. Laboratory experiments confirm theoretical results.