Based on the 2-D flow and sediment numerical model of the Yangtze Estuary and the Hangzhou Bay, the characteristics of water and sediment exchange in their joint waters is studied through quantitative calculation and analysis of the characteristics of water flow and sediment transportation. The results show that there is periodical water and sediment exchange in this joint waters, that the net water exchange appears mainly between 0～6 m depth (theoretical datum plane, the same below) offshore and the maximum is near the depth of 2 m, and that the net sediment exchange mainly appears between 0～5 m depth and the maximum is near the depth of 3 m, indicating that the range of water flow passage is different from that of sediment transport from the Yangtze Estuary to the Hangzhou Bay. Combined with the results of numerical simulation, this paper also analyzes the hydrodynamical mechanism influencing water and sediment exchange between the Yangtze Estuary and the Hangzhou Bay, including tidal fluctuation, tidal current kinetic energy, tide-induced residual current and the trace of water particles. Finally, the sediment transportation passage on the Nanhui tidal flat is discussed, and the results show that sediment is transported into the Hangzhou Bay from the south side of Shipilei, while sediment is brought back to the South Channel of the Yangtze Estuary from the north side.