Natural phenomena simulation is an important research area in computer graphics domain. How to obtain realistic natural phenomena by simulation in an efficient way is the main purpose of this research field. The physics-based modeling method is a traditional way to solve this kind of problem. Along with rapid development of acquisition devices, the image-based method attracts a lot of research attention and interest. This paper chooses liquid as research object. Main research achievements on the topic of image-based reconstruction are summarized. Focusing on dynamic water surface, a method of dynamic water surface data acquisition and reconstruction is proposed. First, a dynamic water surface data acquisition system is designed and built in order to obtain image sequences of different water surface phenomenon on multi-viewpoint. Next, feature points on each captured images in sequences are extracted. Then after feature point matching process, the mapping relationship between feature points and 3D points are built. Finally, dynamic water surface reconstruction results are obtained by using the height field and normal of 3D point combined with the optical refractive property of water. Experimental results show that this method can generate 3D reconstruction results rapidly. Satisfactory visual effect is also achieved facilitating this application to be used in computer games, visualization in scientific computing, and virtual simulation in medical area.