This work focuses on a new theory on the transient response of elastoplastic sandwich beam in underwater blast, and two fully coupled fluid-structure interaction (FSI) models are proposed, to gain insight into the propagation and dissipation of underwater blast wave, and the optimal design for sandwich structure with excellent un-derwater blast resistance. Based on the nonlinear dynamic high-order sandwich panel theory (EHSAPT) ac-cording to the authors' preceding work [1], the governing equation of motion is constructed and modified by integrating the rarefaction-wave-related term into the structural damping matrix. So, the underwater blast analysis is transformed into the dynamic response of sandwich structure with structural damping under the superposition of incident and reflected waves in vacuum. Furthermore, this governing equation is simplified to get the analytical solution of impulse transferred to the sandwich structure, by implementing displacement and core rigidity assumptions. Finite element simulation and two existing FSI models are used to validate the ac-curacy. Conclusions are drawn that, the key aspects dominating FSI mechanism and time-domain response include pressure signatures, fluid characteristics, front-face mass, core density, and core elastic modulus, and the quantitative relationships are provided. Moreover, the core elastic modulus dominates the impulse transmitted to the sandwich structure, and the core strength and strain hardening govern the pressure delivered to the supports.