The high-speed partial emission pump is a small flow and high-head pump, which has been widely used. To study the main factors affecting the performance of high-speed partial emission pumps, numerical simulation methods were used to calculate the performance parameters of high-speed partial emission pumps with and without inducers, and the external characteristic parameters were verified through comparison test values. The results show that the head of the high-speed partial emission pump with inducer is nearly 15 m higher than that of the high-speed partial emission pump without inducer. Considering the influence of air in the high-speed partial emission pump on the working performance, the two-phase flow with different flow rates, different particle sizes, and different concentrations was calculated, and the different liquid phase distributions, liquid phase velocity vector diagrams, and external characteristic curve were compared. The results show that under the same flow condition, the gas-phase particle diameter has the most severe influence on the external characteristic.