Sheet/cloud cavitation usually leads to a wide range of length scales in both turbulence and phase distribution from microbubbles to cavity advection. In the present work, the Eulerian–Lagrangian multiscale cavitation model with two-way coupling is utilized to simulate the cavitating flow around a (National Advisory Committee for Aeronautics) NACA66 hydrofoil at an incidence angle of 8° and a cavitation number of σ = 1.4. The model can simultaneously capture the large-scale cavities and the microscale bubbles. The cavitating flow features are in good agreement with the experimental observations containing not only the periodical formation, growth, detachment, and advection of large-scale cavities, but also thousands of microbubbles around the large-scale cavities. The results show that the overall evolution frequency in the flow is about 45 Hz. Meanwhile, the dynamic mode decomposition method is utilized to identify the large-scale coherent spatial and temporal features of the sheet/cloud cavitating flow, which indicates that complex vortices in various scales dominate the evolution of cavities in the corresponding scale, and the evolution frequency of large-scale vapor structure decreases with increasing the length scale of cavities. Under the effect of turbulence, the large-scale cavities break into microbubbles, causing the size and number of discrete bubbles to increase rapidly in the re-entrant jet and cloud shedding regions. Additionally, the bubble-size spectrum of the time-averaged distribution of a period in sheet/cloud cavitating flow has two size regimes. For larger bubbles, the bubble density is proportional to the bubble radius to the power of −10/3. The bubble size spectrum of smaller microbubbles exhibits a −4/3 power-law scaling.