Based on two-phase u-p theory for saturated soil, a new constitutive model based on the super/ sub-loading surface and anisotropy was utilized to analyze the dynamic responds of a sandy seabed under the combined wave and current loadings. Firstly, a poro-elastoplastic model for a sandy seabed was established. The mechanics of oscillatory excess pore water pressure in seabed and residual excess pore pressure due to wave/ current were discussed and the liquefaction depth which changes correspondingly was obtained. A comparison between the elastic and elatoplastic sandy seabed's dynamic responds to wave/current loading was also presented.