The award existed during World War I and was reinstated in a slightly modified form by the Third Reich on October 13, 1939, as an award for U-boat crews in the German Navy.

During World War I, this badge was awarded only after three combat missions; during World War II, this requirement was lowered to two combat missions.
The badge worn by submariners who participated in naval combat operations features a submarine framed by a laurel wreath. At the top is the Nazi emblem – an eagle with outstretched wings clutching a swastika in its talons.
There is also a Submariner's Badge with Diamonds, made of silver, with a slightly larger swastika adorned with nine small diamonds. A total of 29 people were awarded this badge, primarily submarine commanders, along with the Oak Leaves to the Knight's Cross.
On the reverse of the award is the maker's mark. The position of the pin is important. Since 1970, Schwerin Berlin has produced numerous reproductions of this award. The pin of the genuine award is positioned horizontally, while the pin of the reproduction is vertical.
The award was presented wrapped in brown paper and delivered in a blue envelope. The award's name was printed in Gothic letters on the front of the envelope, and the manufacturer's stamp was affixed on the back.
This badge, like others similar to it, was worn on the left side immediately below the Iron Cross 1st Class or similar award.