As the primary power equipment in pump flooding cooling systems, the efficiency and performance of mechanical pumps play a crucial role in two-phase cooling systems. A high-speed centrifugal pump with self-lubricating working fluid was designed with a speed of 7500 rpm and a flow coefficient of 0.0506. The hydraulic and cavitation performance of the pump were tested with R134a as the working fluid. The results show that the working fluid pump is capable of efficiently pumping R134a with an efficiency of 40.3% and a head coefficient of 0.988 under the design condition. Within the tested range of inlet temperature from 5°C to 15°C, the flow coefficient from 0.01 to 0.105, and the height of the refrigerant tank from 1.4 m to 5 m, lower net positive suction heads available at the same flow rate will reduce the pump head, increase power consumption, and decrease efficiency. Increasing the pump speed from 3000 rpm to 7500 rpm can improve the pump's performance. At 6000 rpm, the critical cavitation number of the working fluid pump increases with the increase in flow coefficient. At 7500 rpm, the critical cavitation number has a minimum value when the flow coefficient φ = 0.0434. At the design speed and flow rate, both the critical cavitation coefficient and fracture cavitation number increase as the inlet temperature decreases. The inducer can significantly reduce the critical cavitation number of the pump. Finally, an empirical correlation considering the thermodynamic effects is proposed to predict the increase in the critical cavitation number.