The hydrodynamic problem when the pressurized bag submerges partially into water and oscillates was formulated by Lee(1992), and the solution method was given, In his formulation, however, the compressilbility of air was neglected and the pressure inside the bag was assumed to be constant. In this paper, the formulation was done including the air compressibility and the wall to block fling around phenomenon. The compression process was assumed to be a isothermal process for a static problem, isentropic process for a dynamic problem. And the stability was analyzed for the static problem. Through the various numerical calculations, the forces and the shape of the bag were compared with those of a rigid body case, constant pressure case, and variable pressure case.