While 3D Gaussian Splatting (3DGS) excels at real-time rendering of standard scenes, it struggles to reconstruct underwater environments due to severe challenges such as light scattering, color attenuation, and sparse coverage of Gaussian kernels in far-field aqueous regions. To address this, we introduce \textit{AquaSplatting}, a hybrid framework that combines explicit and implicit modeling methods for robust underwater scene reconstruction. Our dual-branch architecture employs 3DGS in a geometry-guided branch to model solid surfaces like the seabed, while a medium-aware branch uses a compact, view-dependent MLP to represent volumetric water effects. Furthermore, a neural underwater hybrid rendering mechanism adaptively fuses these two representations based on accumulated opacity. Thanks to this dual-branch framework, our method can also synthesize restored images without water medium. To enhance efficiency, our proposed engagement-based pruning (EBP) strategy quantifies each Gaussian's contribution by accumulating its image-space gradients over multiple frames, enabling the principled removal of primitives with negligible impact. The entire framework is optimized using a comprehensive loss function that integrates photometric, exposure, semantic, and depth priors to maximize visual fidelity. Experiments on challenging underwater datasets demonstrate that AquaSplatting achieves the state-of-the-art in reconstruction quality surpassing prior methods while maintaining real-time performance.