Polymeric materials are widely used in aerospace, biomedical, marine, and agricultural applications due to their viscoelasticity and corrosion resistance. Polymeric materials fail due to wear during their service life, so studying their wear behavior is essential to control and predict their service life. This paper summarizes the progress of water lubrication research as well as experimental studies on the wear of polymeric materials under aqueous conditions. The effects of lubrication conditions, material formulation ratios, load, sliding speed, impact angle, abrasive particles, and temperature factors on the wear behavior of commonly used polymeric materials ideal for water lubrication (NBR, SBR, NR, EP, polyethylene, and their composites, etc.) are summarized in terms of the three most frequently occurring forms of wear, namely, two-body wet sliding wear, two-body erosive wear, and three-body wet abrasive particle wear. The results show that the mechanical properties, such as hardness, can be effectively changed by altering the formulation ratios of the materials, and the hardness and hydrophilicity of the formulations can further affect the wear and lubrication. In general, the coefficient of friction and the wear rate decrease with the increase in hardness, and the increase in temperature leads to the localized lubrication failure and the aging of the materials, which in turn leads to the intensification of wear. Among the working condition factors, load and sliding speeds are the most important factors affecting the wear, and the wear rate increases with the increase in the load and sliding speed; in contrast, the three-body wet abrasive wear is more obviously affected by the load. In the study of the impact angle effect, the overall trend of the erosion wear rate with the increase in the angle shows the first rise and then fall, the maximum value is mostly concentrated in the 45–60° between. Usually, the increase in the abrasive particle size can make the wear rate increase. Overall, the three-body wet abrasive wear of the rubber material wear rate shows first an increase and then a decrease. The research in this paper provides theoretical support and reference ideas for the tribological study of polymer materials in the water environment and puts forward the outlook for future water lubrication and material improvement of the research directions and applications.