Radial vibration transducer has the advantages of large radiation area, high radiation efficiency, uniform radial radiation, and wide range of action. Therefore, it is widely used in the technical fields of ultrasonic liquid treatment such as underwater acoustics, ultrasonic degradation and sonochemistry. On the other hand, the 2-2 piezoelectric composite material is one of the most commonly researched piezoelectric composite materials with the best development prospects. Compared with traditional pure piezoelectric ceramics, this new type of material has the advantages of low impedance, low mechanical quality factor, and frequency bandwidth. Therefore, in this paper we propose a new broadband radial vibration ultrasonic transducer based on 2-2 piezoelectric composite material, which is mainly composed of an inner metal ring and an outer piezoelectric ceramic composite ring. First, the Newnham series-parallel theory and the uniform field theory are used to derive the equivalent parameters of the 2-2 piezoelectric composite material. Second, the radial vibration of the combination of the metal ring and the radially polarized piezoelectric composite ceramic ring are analyzed by the analytical method. The six-terminal electromechanical equivalent circuit of the transducer is obtained, and the frequency equation of the transducer is also obtained. And then the relationship between the resonant frequency and anti-resonant frequency of the transducer, as well as the effective electromechanical coupling coefficient, geometric size, and two-phase volume ratio are analyzed. It is concluded that in order to obtain higher electromechanical conversion efficiency, the design of the transducer radius ratio should be as close as possible to 0.35. Although the higher proportion of polymer phase will lead the electromechanical conversion efficiency to decrease, it can also bring better acoustic matching ability. Therefore, the lower proportion of polymer phase can be selected in the transducer design. The finite element method is used to numerically simulate the radial vibration of the new transducer. The results show that the resonance frequency and anti-resonance frequency obtained by the analytical method are in good agreement with the numerical simulation results. In addition, the acoustic field of the transducer under water is simulated numerically. The results show that compared with the traditional pure ceramic radial transducer, the new composite radial transducer has a large emission voltage response amplitude, the working bandwidth is nearly doubled, and the acoustic matching is better.