Submerged floating tunnel (SFT) is a novel type traffic structure for crossing long strait and deep lakes. To investigate the dynamic pressure acting on an SFT under compression (P) wave incidence, a theoretical analysis model considering marine sediment effect has been proposed. Based on displacement potential functions, the reflection and refraction coefficients of P wave in different media are derived. Numerical examples are employed to illustrate the effects of the thickness of sediment layer, the incident P wave angle, the tether stiffness and spacing, and the permeability of the sediment on the dynamic pressure loading on the SFT. The results show that dynamic pressure is related to the saturation of sediment and affected by the thickness of sediment. The partially saturated sediment will amplify the dynamic pressure loading on the SFT, and the resonance frequency increases a little with the fully saturated sediment. Besides, increasing the tether stiffness and decreasing in the tether spacing will lead to a dynamic pressure falling. Deepening the SFT position and reducing the permeability of the sediment are effective measures to reduce dynamic pressure acting on the SFT.