In this paper, a CFD model is used to simulate the effect of spray atomization at the compressor inlet on a multistage axial subsonic compressor. Special attention is paid to the change of compressor characteristics with wet compression under different rotating speeds to gain the compressor characteristic lines of wet compression. The effects of pneumatic crushing and blade-wall-collision on water droplets and droplet trajectories are contrasted and analyzed under different spray conditions. Then, the whole/stage-by-stage compressor performances and the flow field are also investigated under dry and wet cases near the design operating condition. The results indicate that multistage compressor performance can be improved with wet compression under the proper water spaying rate and a small droplet size. The influence of pneumatic crushing on the water droplets below 20 μm can be ignored, and the effect of blade collision on water droplets above 5μm should be considered in the wet compression conditions. Compared to the dry compression, as measured by volume flow, wet compression with proper spaying conditions makes the front stages operate within a relatively high flow range and the back stages operate within a relatively low flow range. Additionally, the operating state with wet compression is opposite to the compressor operating near the surge boundary, which presents the phenomenon of “former surged and back blocking”.