The non-ideal behavior of aluminized explosives significantly affects the characteristics of underwater explosion shockwaves, rendering the classical model for underwater explosion shockwaves difficult to apply. In this paper, we analyze the underwater explosion shockwave characteristics of a new generation of aluminized explosives and propose a non-ideal explosive underwater explosion shockwave model incorporating a non-ideal explosive shockwave parameter correction function controlled by the Al/O ratio. First, we conducted underwater explosion tank experiments to obtain four groups of Al/O ratios of shockwave parameters of underwater explosion with aluminized explosives and analyzed the effect of the Al/O ratio on them. Subsequently, we calculated the equation of state of aluminized explosives and established a one-dimensional simulation model of underwater explosion. We verified the reliability of the mesh quality and equation of state using the experimental data. Finally, we used the model to calculate the underwater explosion shockwave parameters of aluminized explosives with Al/O ratios of 0.1–1.3. Based on data analysis, we established a calculation model of the pressure peak and energy flow density of the underwater explosion shockwave of aluminized explosives containing non-ideality correction functions. Our results demonstrate that shockwave pressure peak and energy increase and then decrease with an increase in the Al/O ratio, and the non-ideal behavior of aluminized explosives makes the shockwave energy of underwater explosion more sensitive to the Al/O ratio. The proposed model can better predict the experimental results and can be of high practical value as a general structure for underwater explosion shockwave models of other aluminized or metalized explosives.