It is of great significance to model the keyhole shape and dimensions to optimize the plasma arc welding process parameters. In this study, through employing a combined volumetric heat source mode, the weld pool in keyhole plasma arc welding is determined firstly, and then the dynamic force-balance condition on the interface between the plasma jet and the molten metal is dealt with in describing the keyhole formation inside the weld pool. The effects of welding current on the shape and size of keyhole are numerically analyzed. The sharp transformation from a partial keyhole to a full-penetration keyhole is quantitatively demonstrated.