A preliminary study on the operating performance of a certain kind of water ramjet engine was implemented theoretically. With regard to this proposed powerplant operating in an available water environment, inspiration drawn from a supercavitation phenomenon coupled with a hydroreactive characteristic of several metals was the inducement for its attractive development. In terms of the requirement to provide the highest possible performance, a multiple water-injection mechanism was employed; i.e. the introduction of sufficient ambient water was suggested in order to maintain a successful combustion, while in the meantime not being too large to avoid a potential condensation phenomenon at the nozzle exit. Then against a ramjet carrying a metal fuel grain with a 50 per cent magnesium mass fraction, a performance analysis proceeded on the basis of a proposed thermodynamic calculation theory. The upper limit of the primary water-fuel ratio was predicted as 2.4 when considering the conditional temperature of the main magnesium-water reaction. Peak values of both specific impulse and thrust exist on the order of 4695.86 N s/kg and 2.57 kN respectively, while the water-fuel ratio approached 4.2. Furthermore, rules governing the characteristic velocity along with the water-fuel ratio were also examined. Then, altering physical conditions such as metal fuel formation and chamber pressure, a conclusion was drawn that a higher performance was related to a relatively higher chamber pressure and a higher magnesium mass fraction as long as normal working conditions were guaranteed.