Transfer Matrix Method for Multibody Systems (MSTMM) has high precision and it is easy to formulate, systematic to apply, simple to code and the matrices are low order which contributes to higher computational efficiency than ordinary dynamics methods. It is applied widely in the field of engineering, and the significant effects gained. Based on the MSTMM advantages, the linear and nonlinear hydroelastic models of a full-scale sail mounted hydroplanes system, using rigid-flexible coupling multibody system, coupled with a Theodorsen fluid theory are presented in this paper. The model is validated using data available from literature and simulation results from commercial software. This work provides an engineering reference for an efficient linear and nonlinear fluid-structure interaction (FSI) modeling and simulation of other rigid-flexible coupling multibody system.