In this study, the cavitating flow and cavitation-induced ventilation flow around a surface-piercing hydrofoil were investigated to gain in-depth understanding of the interaction mechanism between the vaporous cavity and free surface at low cavitation numbers. Experiments were conducted in a constrained-launching water tank to visualize the cavity using a high-speed camera. Unsteady cloud cavitation and cavitation-induced ventilation at atmospheric pressure were observed and analyzed while piercing the free surface. The flow regime map was summarized at a fixed aspect ratio of ARh = 1.5. Subsequently, a physical model was proposed to predict the maximum depression depth of the water surface (H) at the trailing edge of the hydrofoil. Both the physical model and experimental results reveal that the non-dimensional depth H/c has a linear relation to Fn2 c × Rec × sin2α. Finally, a criterion for cavitation-induced ventilation based on the improved lifting-line theory and a physical model were proposed. A new relation H/Lc ∼ α0.5 was obtained, where Lc is the maximum cavity length. The results of this study can guide the design and application of hydrofoils for ventilation and cavitation processes.