The complete modeling and simulation of an unmanned vehicle with combined aerial and underwater capabilities, called Hybrid Unmanned Aerial Underwater Vehicle (HUAUV), is presented in this paper. The best architecture for this kind of vehicle was evaluated based on the adaptation of typical platforms for aerial and underwater vehicles, to allow the navigation in both environments. The model selected was based on a quadrotor-like aerial platform, adapted to dive and move underwater. Kinematic and dynamic models are presented here, and the parameters for a small dimension prototype was estimated and simulated. Finally, controllers were used and validated in realistic simulation, including air and water navigation, and the environment transition problem. To the best of our knowledge, it is the first vehicle that is able to navigate in both environment without mechanical adaptation during the medium transitions.