This study explored the relationship and influence of college students’ participation in water leisure sports, as well as the technology acceptance model (TAM). With the rapid development of the economy, the government is promoting various water leisure sports centered on the concept and policy of a maritime- and ocean-based nation. Based on the TAM, this study investigated the relationships among its ease of use, usefulness, water leisure involvement, benefits, barriers, and intentions to participate in water activities in connection with college students participating in water leisure sports. A total of 420 college students who participated in water leisure activities were sampled. There were 370 valid questionnaires, and the recovery rate of valid questionnaires was 82.2%. The data were analyzed by the structural equation modeling of the partial least squares method (PLS-SEM). The results show that the ease of use of water facilities had a positive effect on the usefulness, involvement, and participation in water activities; the usefulness of water facilities had a positive and significant impact on the intention to participate in water activities; water leisure involvement had a positive and significant impact on the benefits and the intention to participate in water activities; the intention to participate in water activities had a positive and significant impact on the benefits of water leisure activities. Furthermore, the study found that the intention to participate in water activities had a mediating effect between water leisure involvement and water leisure benefits; water leisure involvement had a mediating effect between the ease of use of water facilities and the intention to participate in water activities; the usefulness of water facilities had a mediating effect between the ease of use of water facilities and the intention to participate in water activities. In addition, the interaction between water leisure involvement and water leisure constraints had an interfering effect on water leisure benefits. Accordingly, recommendations for promotion and implementation are provided. Based on the TAM, the study provided suggestions for implementing water leisure sports to promote college students’ participation behavior in water leisure sports.