To reveal the internal flow loss characteristics of a multi-stage pump, the unsteady calculation of the internal flow field of a seven-stage centrifugal pump was carried out, and the entropy production theory and Q criterion were utilized to analyze the unsteady flow characteristics of each flow component under different flow rates. The research results show that as the flow rate increases, the entropy production value and the energy loss inside the flow components also increase accordingly. The viscous dissipation entropy production caused by fluid viscosity is very small, and the turbulent dissipation entropy production caused by turbulent fluctuations and wall dissipation entropy production are the main sources of energy loss. The impellers, diffusers, and outlet chamber are the main regions of energy loss in the multistage pump. The entropy production value of the first-stage impeller is significantly higher than that of other impellers, while the entropy production value of the first-stage diffuser is significantly lower than that of other diffusers. Through vortex structure analysis, it is found that the high entropy production regions in the impeller are concentrated in the impeller inlet area, the blade suction surface, and the impeller outlet area.