In this study, the performance of a typical bubbly water ramjet was investigated by the application of computational fluid dynamics method at different vessel velocities up to 80 knots for a range of air mass flow rates up to 0.9 kg/s. For this purpose, the validity of presented method was preliminarily examined for a converging–diverging nozzle. Then, a designed ramjet with discrete injection configuration was studied at different operating conditions. It was proved that the injection process significantly increases the amount of generated thrust up to 10 times more than the thrust of a single-phase water ramjet. The results suggest that for optimum operation of the ramjet, specific values should be assigned for both inlet and mixing chamber diameters with respect to outlet diameter. Furthermore, it seems that the modification of mixing chamber profile can effectively improve the performance, as the generated thrust of model with throat-like chamber surpasses that for conventional model up to more than two times. Finally, in order to rectify the contradiction of results obtained in previous literatures on the dependency of thrust on vessel velocity, a meaningful relation was derived between the generated thrust of the ramjet with the advance velocity at different air mass flow rates.