Extracorporeal membrane oxygenation (ECMO) is a life support system used in the treatment of severe respiratory and circulatory failure. High shear stress caused by the high rotational speed of centrifugal blood pumps can cause hemolysis and platelet activation, which are among the major factors leading to the complications of the ECMO system. In this study, a novel blood pump named rotary displacement blood pump (RDBP), which can considerably reduce rotational speed and shear stress while ensuring the normal pressure flow relationship, was proposed. We employed computational fluid dynamics (CFD) analysis to investigate the performance of RDBP under adult ECMO support operating conditions (5 L/min with 350 mmHg). The efficiency and H‐Q curves of the RDBP were calculated to evaluate its hydraulic performance, and pressure, flow patterns, and shear stress distribution were analyzed to estimate the hemodynamic characteristics in the pump. In addition, the modified index of hemolysis (MIH) was calculated for the RDBP based on a Eulerian approach. The hydraulic efficiency of the RDBP was 47.28%. The velocity distribution of flow field in the pump was relatively uniform. Most of the liquid (more than 75%) in the pump was exposed to low scale shear stress (<1 Pa), which was close to normal physiological conditions. The gap area was the main distribution location of high scale shear stress. The high wall shear stress (>9 Pa) volume fraction of the RDBP was small and located in the boundary areas between the rotor's edge and the housing. The MIH value of the RDBP was 9.87 ± 0.93 (mean ± SD). The RDBP can achieve better hydraulic efficiency and hemodynamic performance at lower rotational speed. The design of this novel pump is expected to provide a new direction for developing a blood pump for ECMO.