A semi-submerged displacement-type high-speed ship with wings is studied on the possibility as a medium transport-distance vehicle. The study is mainly concerned as to resistance characteristics and submergence capability. The vehicle, called HSV (High-speed Submergible Vehicle with wings) here, is consisting of a main hull, main wings and a strut to support super-structure. The HSV floats with a certain draft like a convensional ship while it is still, and it submerges due to a downward lifting force by the main wings when it moves. The lift force by the main wings and the submergence depth were measured to be confirmed that HSV could submerge as expected. The wave-making resistance is remarkably reduced by the submergence. The wings contribute to reduce the wave-making resistance also through its interference with the waves generated by the hull. The estimation of the effective horsepower required about 40000 PS which was not actually acceptable. One half of the estimated horsepower was frictional resistance component. It can be expected that the wave-making resistance and the viscous pressure resistance can be still reduced by a modification of the hull and wing forms. However an innovative invention must be necessary for the frictional resistance to be reduced.