In order to study the water impact characteristics of the re-entry capsule with airbags under wave conditions, based on a combination model of a certain type of re-entry capsule and airbags, a multi-media coupling model of re-entry capsule-air bag-wave-air is established by using the fluid-structure coupling algorithm, air bag simulation algorithm and wave making algorithm in LS-DYNA software to simulate the water landing process of the re-entry capsule with airbags under wave conditions. The effects of different entry angles and positions on the overload of re-entry capsule, the internal pressure of the airbags and the force of the airbags are discussed. The analysis shows that the larger the entry angle of the re-entry capsule with airbags, the smaller the overload. With the increase of the entry angle, the peak internal pressure of the airbags decreases. In addition, the water overload of the re-entry capsule with airbags at the crest of the wave is obviously less than that at the trough of the wave, and the force distribution of the airbag system shows obvious differences. The research results are expected to provide technical reference for the design of offshore recovery system and water impact test.