Tip leakage flow and induced unstable cavitation can significantly damage the performance of axial waterjet pumps. This study investigated the impact of blade numbers on cavitating conditions in an axial waterjet pump by conducting tests of performance characteristics and high-speed photography experiments on three-blade and four-blade impellers. The results showed that the critical cavitation number σc of the three-blade impeller was larger, while the four-blade impeller flow pattern deteriorated more rapidly after σc. Various cavitation structures in the tip region were observed under different conditions, including clearance cavitation, shear layer cavitation, tip leakage vortex cavitation, and suction-side-perpendicular cavitating vortices (SSPCVs). Tip cavitation maps of the test impellers were drawn based on the flow rate coefficient and cavitation number variation. The three-blade impeller exhibited a wider range of severe cavitation, particularly with an increased occurrence of SSPCVs. With the cavitation number and flow rate coefficient decreased, the SSPCV generated from triangular cavitation cloud shedding presented an increased trend in scale and quantity. Conversely, in the case of the four-blade impeller, SSPCVs were often disrupted by the adjacent blade during migration and interfered with the tip cavitation in the neighboring flow passage.