In this study, a semi-analytical solution to the dynamic responses of a multilayered transversely isotropic poroelastic seabed under combined wave and current loadings is proposed based on the dynamic stiffness matrix method. This solution is first analytically validated with a single-layered and a two-layered isotropic seabed and then verified against previous experimental results. After that, parametric studies are carried out to probe the effects of the soil’s anisotropic characteristics and the effects of ocean waves and currents on the dynamic responses and the maximum liquefaction depth. The results show that the dynamic responses of a transversely isotropic seabed are more sensitive to the ratio of the soil’s vertical Young’s modulus to horizontal Young’s modulus (Ev/Eh) and the ratio of the vertical shear modulus to Ev (Gv/Ev) than to the vertical-to-horizontal ratio of the permeability coefficient (Kv/Kh). A lower degree of quasi-saturation, higher porosity, a shorter wave period, and a following current all result in a greater maximum liquefaction depth. Moreover, it is revealed that the maximum liquefaction depth of a transversely isotropic seabed would be underestimated under the isotropic assumption. Furthermore, unlike the behavior of an isotropic seabed, the transversely isotropic seabed tends to liquefy when fully saturated in nonlinear waves. This result supplements and reinforces the conclusions determined in previous studies. This work affirms that it is necessary for offshore engineering to consider the transversely isotropic characteristics of the seabed for bottom-fixed and subsea offshore structures.