The effect of metal transfer mode on spatter and arc stability during underwater flux-cored wire wet welding at different process parameters are investigated adopting the synchronous acquisition system of X-ray image and electric signal. Two spatter modes i.e. the local droplet repelled spatter and the droplet explosion spatter were observed for the first time. The generation of the local droplet repelled spatter is attributed to the excessive and unstable repulsive forces, while the droplet explosion spatter is caused by the unstable repulsive forces and gas dynamic force. Welding spatters and arc stability depend on the metal transfer mode. During wide-angle globular repelled transfer mode, the droplet repelled spatter mode is observed and the forming frequencies of the local droplet repelled spatter and droplet explosion spatter are higher than other transfer modes. The short-circuit explosions are observed in short-circuit explosive transfer mode, causing numerous short-circuit explosive spatters. With the increase of arc voltage, both the spatter loss coefficient and voltage variation coefficient decrease firstly to the minimum at the arc voltage of 32 V and then increases gradually, attributed to the type and proportion of metal transfer mode.