A new type of the wave energy converter called a submergible point absorber using oscillating water column (SPA-OWC) is presented. SPA-OWC is an axisymmetric device consisting basically of a submerged vertical tail tube open at both ends, fixed to a lid having an open bottom to the sea. It seems to be quite similar to the spar-buoy. However, the air chamber of the SPA-OWC is not exposed to the atmosphere so there is no restriction of the installation location. That is, this device can be floating or submerged. Furthermore, the body of SPA-OWC is not necessary to move essentially in heave. Therefore, easy access for maintenance is guaranteed, and it may be free to choose an installation method among the tight-mooring, slack-mooring, or standing on a sea-bed. The dynamics of SPA-OWC is analyzed in the frequency domain and the theoretical performance is computed using ANSYS AQWA to prove its feasibility.