A novel seawater pressure energy conversion system that utilizes seawater pressure to generate electricity has been studied in this paper. The energy conversion system utilizes the pressure difference between the pressurized seawater and the empty pressure container to drive hydraulic motor and the coaxially coupled generator to generate electric power. The output electric energy is recorded by the data logger throughout the process. In the current study, technical analysis is performed with the emphasis on conversion efficiency between seawater pressure energy and output electric energy. The analysis is conducted at various pressure differences through the throttle valve so as to obtain maximum conversion efficiency. Research shows that the optimum pressure difference through the throttle valve and the maximum conversion efficiency can be theoretically calculated when the properties of the conversion system are given. Simulation results have demonstrated the influence of pressure difference on conversion efficiency. The test apparatus has been designed, built and tested in 2004. It successfully generated electric energy of approximately 0.85kWh at the depth of 2400m with empty pressure container's holding capacity of 200L in the voyage “DY105-16” in South China Sea on June 12, 2004. The actual conversion efficiency from seawater pressure energy to electric energy reaches as high as 63.8% which is attractive for underwater equipments. The success of the experiment has tested the feasibility of utilizing seawater pressure energy and brings a new power supply way for long-term in-situ underwater equipments.