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Most soil–water coupled analyses of saturated soil are based on the u–pformulation, where a set of equations is reduced by assuming that the acceleration of the fluid phase relative to that of the solid phase is less than that of the solid phase. Therefore, this analysis cannot be used for a coupled analysis with dynamic water flow in highly permeable soil. This study aims to present a soil–water coupled finite deformation analysis method based on full formulation, or u–w–pformulation. This method differs from conventional methods in the following ways: (1) the governing equations explicitly include the equation of motion for the fluid phase, (2) a relative convective term is used to describe a change in the relative configuration between the two phases, and (3) the moving/inclined discharge boundary is directly implemented to the discretized governing equations. Herein, one/two dimensional seepage and plane-strain deformation analysis results are reported. In the seepage analysis, accelerating permeation of pore water is obtained and the undrained constraint condition is verified. In the deformation analysis, dynamic migration in a high permeable soil specimen, i.e., wave propagation and rotational flow of pore water, is observed.