A fuel rack for supporting radioactive fuel assemblies in an underwater (or other submerged) environment that reduces the depth required for the pool to effectuate the fuel rack loading procedure. The fuel rack is specially designed to afford lateral loading. In one embodiment, the fuel rack comprises a body structure comprising at least one substantially vertically oriented elongated cell for receiving a nuclear fuel assembly, the body having a top, a bottom and a first lateral side; at least one elongated slot in the first lateral side of the body structure that forms a passageway into the cell through which a vertically oriented fuel assembly can be loaded; and means for supporting a fuel assembly within the cell in a substantially vertical orientation. In another embodiment, the invention is a method of laterally loading a fuel rack that utilizes rotation of the fuel assembly to secure the fuel assembly within its designated cell.