Cavitation water jet peening is an efficient and green surface treatment technology. The dual-nozzle can realize a cavitation water jet in air (non-submerged condition), which can be used for the surface treatment of large structures. The flow field characteristics of the dual-nozzle determine the cavitation effect. In this paper, the simulation of a cavitation water jet in air is carried out using Fluent software. The flow field characteristics containing velocity distribution, impact pressure, and gas phase volume fraction distribution are studied in detail. Furthermore, the effects of the nozzle structure parameters and incidence pressure on flow field characteristics are discussed. It was found that the structure parameters of the inner nozzle have a great influence on the flow field characteristics. Setting a contraction segment and expansion segment can improve the impact pressure and increase the intensity of the cavitation jet. Increasing the throat diameter and incidence pressure of the internal nozzle is also beneficial to improve the impact pressure and cavitation intensity. In order to assure a good cavitation effect, nozzle optimization should be performed. This study has guiding significance for the design of the dual-nozzle for a non-submerged cavitation water jet.