The Pelton turbine, known for its high application water head, wide efficient operating range, and rapid start-stop capability, is ideal for addressing intermittent and stochastic load issues. This study numerically analyzes the transient two-phase flow and energy dissipation during the startup of a Pelton turbine. Dynamic mesh technology controlled nozzle opening changes, and momentum balance equations managed runner rotation. Findings showed that the runner speed initially increased rapidly and then more slowly, and flow rate matched the nozzle opening variations. Runner torque first rose linearly, then decreased, with the fastest decline during nozzle closing. Hydraulic efficiency peaked early in nozzle reduction but then dropped sharply. Strong vortices formed due to upstream inflow and downstream backflow impact in the distributor pipe. The jet needle and guide vane improved flow in the converging section of nozzle, but flow began to diffuse with increased stroke. Initially, the jet spread fully on the bucket surface, but later only affected the bucket tips. Pressure fluctuations in the water supply mechanism were primarily due to jet needle motion, with higher amplitude during movement and lower when stationary. These fluctuations propagated upstream, weakening over distance. Reynolds stress work and turbulent kinetic energy generation, respectively, dominated energy transmission and energy dissipation, with their maximum contribution exceeding 96% and 70%. High-energy clusters corresponded to jet impact positions, highlighting jet-bucket interference as crucial for energy transport. This study established a performance evaluation method for Pelton turbine startups, supporting further investigation into characteristic parameters, flow evolution, and energy dissipation patterns.