Faced with strong demand for robots working in underwater pipeline environments, a novel underwater multi-model locomotion robot is designed and studied in this research. By mimicking the earthworm's metameric body, the robot is segmented in the structure; by synthesizing the earthworm-like peristaltic locomotion mechanism and the propeller-driven swimming mechanism, the robot possesses unique multi-mode locomotion capability. In detail, the in-pipe earthworm-like peristaltic crawling is achieved based on servomotor-driven cords and pre-bent spring-steel belts that work antagonistically, and the three-dimensional underwater swimming is realized by four independently-controlled propellers. With a robot covering made of silicon rubber, the two locomotion modes are tested in the underwater environment, through which, the rationality and the effectiveness of the robot design are demonstrated. Aiming at predicting the robotic locomotion performance, mechanical models of the robot are further developed. For the underwater swimming mode, by considering the robot as a spheroid, an equivalent dynamic model is constructed, whose validity is verified via computational fluid dynamics (CFD) simulations; for the in-pipe crawling mode, a classical kinematics model is employed to predict the average locomotion speeds under different gait controls. The outcomes of this research could offer useful design and modeling guidelines for the development of earthworm-like locomotion robots with unique underwater multi-mode locomotion capability.