In the process of conveying a medium, when the inlet pressure is low, the cavitation phenomenon easily occurs in the pump, especially in the gas–liquid two-phase working condition. The occurrence of the cavitation phenomenon has a great impact on the performance of the multiphase pump. In this paper, the SST (sheard stress transport) k-ω turbulence model and ZGB (Zwart–Gerber–Belamri) cavitation model were used to simulate the helical axial flow multiphase pump (hereinafter referred to as the multiphase pump), and the experimental verification was carried out. The effect of gas volume fraction (GVF) on the energy loss characteristics in each cavitation stage of the multiphase pump is analyzed in detail. The study shows that the critical cavitation coefficient of the multiphase pump gradually decreases with the increase in GVF, which depresses the evolution of cavitation, and the cavitation performance of the multiphase hump is improved. The ratio of total loss and friction loss to total flow loss in the impeller fluid domain gradually increases with the development of cavitation, and the pressurization performance of the multiphase pump gradually decreases with the development of cavitation. The results of the study can provide theoretical guidance for the improvement of the performance of the multiphase pump.