The investigation of transonic non-equilibrium condensation is paramount due to its profound influence on the shock patterns and the distribution of losses. This study numerically investigates the shock wave morphology, evolution, and quantitative loss calculation under the influence of non-equilibrium condensation within the Moses-Stein nozzle and Dykas cascade. The results indicate that the vapor near the nozzle wall undergoes phase transition first and forms “X-shaped” condensation shock, which impervious to back pressure variations. Conversely, the “λ-shaped” aerodynamic shock moves towards the throat with increasing back pressure, triggering boundary layer separation. The entropy generation of “λ-shocks” accounts for over 98% and represents the primary source of shock losses. Strong pressure side shock induces shock wave-boundary layer interactions with the blade suction wall, resulting in reflected shocks. However, the latent heat released by non-equilibrium condensation mitigates this effect, increasing the total pressure loss coefficient by 0.188. The decrease in Mach number under high back pressure causes a notable increase in the trailing edge shock angle, with the wave foot shifting upstream. Notably, the proportion of shock losses attributed to the suction side of trailing edge exceeds 80%, significantly surpassing other regions, which progressively increases with rising back pressure. Therefore, it is crucial for cascade optimization. The findings can provide references for the optimization design of low-pressure steam turbine blade profiles. The results can serve as a guide for optimizing the blade profiles of low-pressure steam turbine.