Cavitation phenomena in pumps are major determinants of the lifespan of both the impeller and the pump itself, causing significant vibration and noise, which are critical concerns for pump designers. This study focuses on the influence of various geometric factors of the impeller, including the shape of the blade leading edge, blade inlet angle, number and thickness of blades, surface roughness, wrap angle, impeller outlet width, inlet hub diameter, and tip clearance. The pump analyzed in this study, which exhibited issues of vibration and noise in actual industrial settings, was evaluated by varying only the shroud diameter based on Gulich’s theory, while keeping other parameters constant, to assess the effects on cavitation phenomena across five different impellers. Single-phase analysis was initially conducted to evaluate the performance of each pump model, with the reliability of the numerical analysis methods validated by comparison with experimental data. Furthermore, to analyze cavitation phenomena, a multiphase flow analysis was performed using the Rayleigh–Plesset model within a computational fluid dynamics framework. Quantitative analysis of cavitation occurrence, NPSH3% head-drop performance, and bubble volume was conducted. The results confirmed that the M1 model, featuring a shroud diameter of 560 mm, exhibited superior cavitation resistance. Variations in cavitation occurrence observed under three different flow conditions demonstrated a nonlinear trend, but overall, improvements were noted within a specific diameter range. This study offers valuable insights and data for pump design applicable in real-world industrial settings.