The cavitation of cryogenic pump units is an important cause for the low cold energy recovery efficiency and low utilization efficiency of solar energy in combined cycle power systems based on liquefied natural gas (LNG) and solar energy. Through numerical simulation of cavitation in cryogenic pump units, the research established the correlation mechanism between cavitation evolution and energy characteristics. By using the transport-based cavitation model considering the thermomechanical effect of cryogenic media, a novel numerical simulation model for two-phase flows during cryogenic cavitation was developed. In addition, the numerical model of cavitation was verified to be reliable. The cavitation performance of the two-stage LNG submerged pump in cryogenic pump units was studied under multiple conditions. In addition, the evolution of cavitating flow regimes under conditions of different flow rates and its influences on flow patterns of various flow passage components were investigated by combining analysis on temperature changes and flow fields. The entropy production diagnostic model (EPDM) was also adopted to discuss the distribution of the irreversible entropy production rate (EPR) in the evolution process of cavitation. Results show that the interfacial EPR that characterizes the phase-transition intensity after inception of cavitation exerts significant influences. Analysis of influencing mechanisms of changes in temperature, changes in flow fields, and distribution characteristics of energy consumption can provide a theoretical basis for further optimization.