The water film not only plays an important role in the mass, momentum, and energy transfer between the air–water-surface but also determines the on-wing washing effect of the aero-engine. In view of this, air–water mist flow visualization experiments have been conducted at different gas velocities and water-to-air ratios in a compressor cascade, and the microscopic water film images have been analyzed to extract the transient water film thickness data by the Matlab code. It was found that the transient water film thickness fluctuation has no obvious association with the gas velocity, and the water film fluctuation is more affected by the water-to-air ratio. As the water-to-air ratio increases, the fluctuation magnitude of the water film thickness increases. The average water film thickness has been studied in relation to gas velocity and water flow rate, i.e., the average thickness of water film decreases with increasing gas velocity and increase with the increasing water flow rate. On the basis of the water film flow equation and taking the droplet collection efficiency into account, i.e., from the perspective of the physical mechanism of water film formed, a new model for predicting the water film thickness of a compressor blade surface under the air–water mist flow condition was proposed and validated. This model predicted, with a root mean square error and the mean absolute percentage error of 11.6% and 9.15%, respectively, under the present experimental flow conditions.