This paper is aimed at presenting a new algorithm for full 3D shape reconstruction and online free-viewpoint rendering of objects in water. The key contributions are (1) a new calibration model for the refractive projection, and (2) a new 3D shape reconstruction algorithm based on shape-from-silhouette (SfS) concept. We also propose an online free-viewpoint rendering system as a practical application. © 2013 Information Processing Society of Japan.