This study aims to analyze the performance of a submersible fish cage which was designed for developing an economical cage system can be applied in korean aquaculture environment easily. To analyze the performance of the designed cage a model test was carried out. In the test, inclination changes of the upper frame and mooring tensions of model cage were measured during the submerging and surfacing motion in still water and wave condition (period: 2s, wave height: 0.1, 0.2, 0.3m). As a result, in the still water condition the model cage kept horizontal balance and inclination degree of the upper frame was about $1^{circ}$. In the wave condition, the model cage showed bilateral symmetric up-and-down motion but the average inclination degree of the upper frame was about $0^{circ}$. When the model cage reached at a depth of 1m, the up-and-down motion of the cage was decreased by 12% compared with that of at the surface (period 2s, height 0.3m). In the same wave condition, the maximum and average line tension under the bottom position were about 8% and 11% respectively compared with that of at surface.