To address the issue of low point-cloud reconstruction accuracy due to poor visibility and light refraction, a laser reconstruction method for underwater targets based on epipolar constraint is proposed. The proposed method uses point correspondence to obtain an affine transformation matrix, which facilitates the affine transformation of underwater images to land images, thereby mitigates the effects of light refraction and enhancing the reconstruction accuracy. The application of the epipolar constraint principle promotes laser feature point extraction and completes point cloud coloring, further increases the reconstruction accuracy. Comparative experimental results indicate that the average measurement error of the proposed method is 0.459 mm, outperforming the existing three-dimensional (3D) reconstruction methods. The proposed method achieves improvements in the accuracy of underwater target reconstruction and the visibility of 3D point clouds.