The catamaran began taking on water near the Miami Seaquarium and good Samaritans, the Coast Guard, state wildlife officials and commercial boats helped pluck people out of the water within minutes. A dog that was on the boat was also saved.
"It was an incredible effort," Coast Guard spokesman Ryan Doss said.
Thousands of boaters were on the water for Columbus Day celebrations.
It wasn't immediately why the boat started taking on water. Doss said he didn't know how many people the boat could hold.
A preliminary investigation indicated the boat was privately owned by someone who may have been charging people to taxi them to a party on Nixon Beach, Florida Fish and Wildlife spokesman Jorge Pino said. The agency is investigating what caused the boat to capsize.
The catamaran is still partially submerged in 6 to 8 feet of water.
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