In this study, the characteristics of TRC (tensile restraint crack) critical stress in the gravity type underwater wet welding process and in the in-air welding have been investigated for Y, y and 45$^{circ}$r grooves using the KR Grade A-3 steel plates and the E4303 covered electrodes. The following results were obtained: (1) In the TRC tests, the initial critical stress of Y groove is higher than those of the 45$^{circ}$r single bebel grooves in both in-air and underwater weldings, and the cold fracture sensitivity is higher in the underwater welding than in the in-air welding. (2) The hardness of underwater weld metal is the highest in heat affected zone is about Hk 365 in the in-air weld but Hk 670 in the underwater weld which is higher for cooling speed is more rapid, resulting in the lower critical stress by increase of fracture sensitivity. (3) The diffusible hydrogen quantity for 48 hours is about 18cc/100g-weld-metal in the in-air welding but 48cc/100g-weld-metal in the underwater welding. So that, in the case of underwater welding the diffusible hydrogen penetrates about 3 times more than that in the in-air welding.