Submersible fish cages can be submerged under the water to mitigate the negative effects that arise from severe sea conditions and improve the growing environment for the farmed fish. Thus they are increasingly applied in offshore aquaculture. To ensure both safety and economic efficiency of submersible fish cages, it is important to determine the optimum submergence depth. In this study, a series of physical model experiments were conducted to investigate the hydrodynamic performance of a submersible fish cage at various submergence depths (1/6, 1/4, 1/3, and 1/2 of the water depth as well as the floating condition for reference) with a model scale of 1:20. The results of the physical model experiment for the different depths were compared to analyze the effects of submergence depths on the mooring line tension and the movement of the floating collar. The results showed that the mooring line tension and the floating collar movement significantly attenuated with increasing submergence depth. However, the attenuation tendency became stable when the fish cage reached a certain depth. According to the results, 1/3 of water depth was determined as the optimal submergence depth of the fish cages. Deeper submergence depths showed no significant advantage from a perspective of the hydrodynamic characteristics of the fish cage. The determination of the optimum submergence depth is beneficial for the structural design and operation safety of submersible net cages.