It has been proved that the compressive strength of water saturated concrete is lower than that of air dry concrete. Due to the water absorption of recycled aggregate (RA) is noticeably higher than that of natural aggregate (NA), the mechanical properties of water saturated recycled aggregate concrete (RAC) are quite different from those of water saturated natural aggregate concrete (NAC). At the same time, the calculation of concrete compressive strength is the first step of concrete mix proportion design. Therefore, it is essential to investigate the compressive strength of RAC in water saturated state. In this study, firstly, the water content and effective water absorption of NA, recycled brick aggregate (RBA) and recycled concrete aggregate (RCA), as well as the water content and effective water absorption of concrete specimen were tested; secondly, the effects of water/cement ratio, water saturation and coarse aggregate types on the compressive strength of water saturated concrete were studied; finally, the calculation model for compressive strength of water saturated concrete was proposed. The test results show that: Within 120 hours, the maximum effective water absorption of NA, RCA and RBA is 0.32%, 0.61% and 8.18%, respectively. Within 240 hour, the maximum effective water absorption of NAC, recycled concrete aggregate concrete (RCAC) and recycled brick aggregate concrete (RBAC) is 0.73%, 0.81% and 1.89%, respectively. In air dry and water saturated state, the descending order of compressive strength of concrete is: NAC > RCAC > RBAC. The average relative error of the calculation model for compressive strength of water saturated concrete is 7.1%. In the calculation model, water/cement ratio, effective water absorption, water saturation and coarse aggregate types are considered. The results of this study have great significance for the mix proportion design of water saturated concrete.