The purpose of our study was to develop an activity monitor system for the energy expenditure in water walking in the swimming pool. In order to establish an estimation equation for the energy expenditure in water walking, the authors conducted a physiological experiment for adult subjects. The authors hypothesized that the oxygen consumption in the water walking consists of the basal metabolic energy, the joint consumption energy and the propelling energy. Therefore, the individual physical parameters and his kinematical data, such as walking velocity, body acceleration were adopted for the variables for the estimation equation. Adjusted coefficients of determination of the estimation equations on both the male and the female were r^2 = 0.735, r^2 = 0.730 respectively. Based on our developed estimation equations, the authors prototyped a wearable activity monitor with 2.4GHz wireless function for the walkers. This wearable activity monitor designed to be attached on the ocipital head of the walker and measured both the acceleration and the position. Measured data were sent to the database server and calculated the energy expenditure in real time. Then, total walking distance, expenditure energy were transmitted and delivered to the walker by the bone conductive speaker.