To improve the cavitation performance of the centrifugal pump, a new kind of centrifugal pump impeller with slot is proposed. The slot is on the impeller shroud near the suction side of the blade leading edge. So, the fluid with high energy in the impeller front side chamber is drained to the lowest pressure area. The jet flow would compensate the blade inlet flow with a certain energy. With numerical simulations, the pump’s inner flows for 5 different slot sizes and their hydraulic performances are compared with those of the prototype pump. The slot jet would result in the increase of the impeller flow rate and the volute area ratio, leading to the head decrease within the whole flow rate range. The slot jet can suppress the reverse flow remarkably at a low flow rate, and the pump efficiency is improved. The slot jet improves the pump cavitation performance effectively, especially at a low flow rate. To some extent, the smaller the slot size is, the better the pump cavitation performance is. The cavitation performance of the slot impeller with a size of 2 mm×1.75 mm is much better than that of the prototype impeller. Compared with the prototype impeller, the lowest pressure near the slot impeller blade inlet and even the pressure in all forepart regions are improved significantly. The slot impeller is shown to be effective in suppressing the cavitation, and the available net positive suction head is improved.