During the taxiing of an aircraft on a water-contaminated runway, the rolling tires impact water film resulting in a considerable water displacement drag and a large amount of spray, which will affect the safety of take-off and landing. The characteristics and flow mechanism of the water displacement drag generated by an elastic tire are numerically studied based on the coupling method of Smoothed Particle Hydrodynamics and Finite Element Method. The water displacement drag is divided into wave-generated drag and film-generated drag based on flow mechanism for the first time, and the former is much larger than the latter. The water displacement drag satisfies the Gaussian distribution along the rotation axis. The longitudinal grooves cause a significant increase in the wave-generated drag and a reduction in the film-generated drag. A simple potential flow model around a semi-infinite bluff body is proposed to reveal the flow physics of film-generated drag. Two drag formulas are proposed to quickly predict the wave-generated drag and film-generated drag.