Constant current power transmission is considered a good choice for subsea observatories due to its high resistance to shunt faults. A constant current subsea observatory is planned to be constructed in the East China Sea. We discuss a constant current subsea observatory system used for scientific experiments. The power system and its heat dissipation system are carefully designed. The power conversion method is challenging due to the use of constant current power, which is considerably different from traditional power systems. Thus, we adopt power compensation circuits in the conversion system to obtain a constant 48-V output for science users. A power management system that performs overvoltage protection and real-time monitoring and control of junction box is discussed. An innovative heat dissipation structure of a junction box is designed in consideration of a sealed working environment to extend the useful life of the junction box. Simulations and experiments reveal that the system has high efficiency and stability, especially in long-term applications.