We develop a fully-coupled time-domain hydro-elasticity model for the Submerged Floating Tunnel (SFT) based on the Discrete-Module-Beam (DMB) method. Frequency-domain simulation based on 3D potential theory results in multibody’s hydrodynamic coefficients and excitation forces for tunnel sections. Subsequently, we build the time-domain model with the multibody Cummins equation and external stiffness matrix from the Euler-Bernoulli and Saint-Venant torsion theories. We establish the mooring line model with rod theory and couple components with translational springs at their respective connection locations. We then compare the dynamic motions, wave forces, and mooring tensions between the present and Morison-equation-based elastic models under regular wave excitations at different submergence depths. The present model is especially important for the shallowly submerged tunnel in which the Morison model shows exaggerated motions, especially at high-frequency range.