This paper studies underwater legged locomotion (ULL) by means of a robotic octopus-inspired prototype and its associated model. Two different types of propulsive actions are embedded into the robot model: reaction forces due to leg contact with the ground and hydrodynamic forces such as the drag arising from the sculling motion of the legs. Dynamic parameters of the model are estimated by means of evolutionary techniques and subsequently the model is exploited to highlight some distinctive features of ULL. Specifically, the separation between the center of buoyancy (CoB)/center of mass and density affect the stability and speed of the robot, whereas the sculling movements contribute to propelling the robot even when its legs are detached from the ground. The relevance of these effects is demonstrated through robotic experiments and model simulations; moreover, by slightly changing the position of the CoB in the presence of the same feed-forward activation, a number of different behaviors (i.e. forward and backward locomotion at different speeds) are achieved.