In order to study the influence of the circumferential position of the balance hole on the cavitation performance of the semiopen impeller centrifugal pump, a low specific speed semiopen impeller centrifugal pump is taken as the object, and 4 kinds of circumferential positions of balance holes are designed. The SST k-ω turbulence model and the Rayleigh–Plesset cavitation bubble dynamics equation are used to calculate the full flow field of the centrifugal pump. Research shows that, under cavitation conditions, as the circumferential position of the balance hole is farther away from the blade working surface, the cavitation performance of the pump is reduced, and the larger θ (the angle of the balance hole and the leading edge of the blade in the direction of rotation) is, the easier the jet cavitation occurs near the balance hole. On the other hand, with the development of cavitation, the axial force of the impeller has also changed greatly. In contrast, the farther the balance hole is arranged in the circumferential direction (i.e., the greater θ), the more limited is the ability of the balance hole to balance the axial force.