This study investigates a dual-stage axial-flow fan within a specific power plant context. Numerical simulations encompassing both steady-state and stall conditions were conducted utilizing the Reynolds-averaged Navier–Stokes (RANS) equations coupled with the Realizable k–ε turbulence model. The findings reveal that, under normal operating conditions, there exists a positive correlation between the mass flow rate and outlet pressure with gas density while displaying a negative correlation with dynamic viscosity. Regardless of the changes in air density, the volumetric flow rate at the maximum outlet pressure of the fan remains essentially the same. When a stall occurs, the volumetric flow rate rapidly decreases to a specific value and then decreases slowly. The analysis of the three-dimensional flow field within the first-stage rotor was performed before and after the rotational stall occurrence. Notably, stall inception predominantly manifests at the blade tip. As the flow rate diminishes, the leakage area at the blade tip within a passage expands, directing the trajectory of the leakage vortex toward the leading edge of the blade. Upon reaching a critical flow rate, the backflow induced by the blade tip leakage vortex obstructs the entire passage at the blade tip, progressively evolving into a stall cell, thereby affecting flow within both passages concurrently.