When heating units are operated in winter, the extreme conditions, such as deep peak regulation and large extraction, can easily lead to a low unit load and severe icing in the wet cooling tower, which threatens the safe operation of the unit. Therefore, it is necessary to study the anti-freezing characteristics of the wet cooling tower. In this paper, a three-dimensional numerical model of a high-level, natural draft wet cooling tower is developed based on the constant heat load method. The influence of withdrawing a certain percentage of circulating water into the bypass on the cooling performance and anti-freezing characteristics of the high-level, natural draft wet cooling tower is investigated. The results show that as the percentage of circulating water bypass extraction increases, the temperature drop of circulating water in the tower continues to increase, but the lowest and the average water temperatures at the bottom of the packing continue to decrease. At the same time, the amount of circulating water entering the tower decreases, the pressure difference between the inside and outside of the tower under the same environmental conditions decreases, and the pumping force of the cooling tower decreases. If the circulating water bypass extraction percentage is less than 10%, it can prevent the circulating water from freezing at the bottom of the packing and, at the same time, try to reduce the temperature of the circulating water entering the condenser to ensure the efficiency of the unit.