As a new type of cone flowmeter, the bi-directional cone flowmeter is a promising device for metering the cryogenic fluid due to its excellent advantages. This work presents a numerical study on the cavitating flow characteristics of liquid nitrogen in the bi-directional cone flowmeters based on a modified cavitation model with thermal effects. The influences of some factors, including operating conditions and structural parameters on the cavitation process and flow characteristics, are clarified. The results show that with the increase in the inlet velocity, the cavitation degree in region III increases, and when the outlet pressure increases, the cavitation degree in region II decreases apparently. Reducing the angle of the front cone can significantly decrease the degree of cavitation in the region II; however, it will strengthen the effects of cavitation on pressure and temperature fluctuation in the region III. As the angle of the rear cone decreases, the cavitation degree in the region III decreases, while the cavitation degree in region II barely changes. The results of this work could present important references for the design and optimization of the bi-directional cone flowmeter for cryogenic engineering.