<p>Underwater caves represent the most challenging scenario for exploration, mapping and 3D modelling. In such complex environment, unsuitable to humans, highly specialized skills and expensive equipment are normally required. Technological progress and scientific innovation attempt, nowadays, to develop safer and more automatic approaches for the virtualization of these complex and not easily accessible environments, which constitute a unique natural, biological and cultural heritage. </p><p> This paper presents a pilot study realised for the virtualization of '<i>Grotta Giusti</i>' (Fig. 1), an underground semi-submerged cave system in central Italy. After an introduction on the virtualization process in the cultural heritage domain and a review of techniques and experiences for the virtualization of underground and submerged environments, the paper will focus on the employed virtualization techniques. In particular, the developed approach to simultaneously survey the semi-submersed areas of the cave relying on a stereo camera system and the virtualization of the virtual cave will be discussed.</p>