Simulating transient processes of pumped-storage power plants is essential for the design and optimization of pump-turbine and water conveyance system. Because pressure pulsations and runner forces cannot be obtained from the traditional 1D transient simulation methods, 3D CFD simulations are necessary. In this study, the fast runaway transient process, occurring after the pump trip of a pumped-storage plant with a head of 700m, was simulated by using the CFD method that couples the 1D water conveyance system and 3D turbine. The phenomena, composed of water hammer fluctuations, pressure pulsation transitions, and flow pattern evolutions, were described and analyzed. We found that the flow patterns and pressure pulsations change violently as the working point goes through different regions. Especially, the pressure pulsations and unbalanced radial runner forces are the most severe in the S-shaped characteristic region. The strong impact on blades, large scale recirculating vortices in blade passages, obvious rotating stalls in vane and blade regions, transitional backflows at runner inlet and outlet, and strong circumferential velocity in vaneless space are the main sources. The dynamic working trajectory does not follow the measured static characteristic curve and demonstrates an undamped loop in the S-shaped region. This paper provides some evidence on the relations between flow structure and pressure pulsation features, although the mechanism of dynamic characteristics needs further investigations.