The invention discloses an underwater sound MODEM (modulator-demodulator) for an underwater interphone, which can realize the underwater transmission of coded digital voice data. A single chip microcomputer (MSP430F149) is used as a data processing core, 2FSK (binary frequency shift keying) modulation-demodulation way is adopted, a small-sized receiving-transmitting integrated ultrasonic transducer under mass production and a conventional modulation-demodulation chip are used, a 12V lithium battery is used for supplying power, and an RS-232 (reference standard-232) standard serial interface is equipped. The maximal power consumption of the entire machine is 210mW, the maximal data transmission speed is 2.4kbps, the maximal valid communication distance is 300m, error rate is low, and the real-time performance is good. Since the underwater sound MODEM has characteristics of low cost, low power consumption and small size, the underwater sound MODEM is applicable to the underwater interphone. The underwater sound MODEM can be connected with a voice processor and is used for transparently transmitting the coded voice data, so that the reliable voice communication among diving working personnel can be guaranteed.