A sequential theory of spatial fluctuations of illuminance under the real wave-covered sea surface is formulated. Illuminance fluctuations for different models of the wave-covered surface are investigated in detail. The influence of spatial coherence of the incident beam and multiple scattering and absorption of light in water on the spectrum of fluctuations and on the scintillation index of underwater illuminance is analyzed. The role of different parts of a wave spectrum of the Pierson-Moskowitz type in formation of spatial fluctuations of the underwater light field was investigated. A dependence of the fluctuations spectrum of underwater illuminance on the principal wave parameters and the optical characteristics of the water is established.