Carbon fiber-reinforced polymer (CFRP) with excellent blast-resistant performances is gradually applied in the anti-shock design of warships. In order to investigate the protective performance of metal/CFRP composite laminates subjected to underwater contact explosion, a fluid-structure coupling numerical model was established based on arbitrary Lagrangian-Eulerian (ALE) method. The deformation and energy absorption characteristics of laminates were analyzed, and the effect of layup types on the blast-resistant performance was compared. The results show that steel-CFRP-steel structure had better blast-resistant performance. On the basis of this structure, the optimal thickness ratio was given as 1.1∶4.0∶1.1.