This study presents the behavioral characteristics of submerged floating tunnels under harsh environmental conditions. To evaluate the dynamic characteristics of the submerged floating tube moored by tethers, hydrodynamic analysis was performed in time-domain. To consider the irregular wave loading condition, JONSWAP wave spectrum was used with specific significant wave height and peak period. For applying the irregular wave in the explicit dynamic analysis procedure, equivalent regular wave components which have same wave energy were applied to the external force term with random phases. According to this study, lateral and vertical motion can be effectively controlled by adjusting initial tether angle and draft. Evaluation of fatigue damage of mooring lines can be conducted by analyzing the dynamic structural stresses with appropriate S-N curves and stress concentration factors. This study also dealt with short-term fatigue analysis for checking the tethers. According to this study, cumulative fatigue damage of the tethers is definitely affected by the essential design factors such as design draft of the tunnel and tether arrangement.