The coupled longitudinal and transverse vibration characteristics of a submarine propeller-shaft-hull system at low frequency are studied in this paper. Two substructures, which are the propeller-shaft subsystem and the submarine hull, are first modelled using the finite element method. The two substructures are then connected through bearings, which are simplified as longitudinal and lateral springs and dampers. The modes, the natural frequencies and the coupled vibration characteristics of the two substructures and their synthesized system are simulated. An experiment studying the dynamic characteristics of a large-scale submarine test-rig is proceeded and compared with the numerical results, showing great consistency. Finally, transfer path analysis of the low frequency excitation forces using power flow method is discussed.