Compression loss is one of the volumetric losses of bent-axis piston pumps, and its accurate evaluation is the basis for predicting the effective flow rate and volumetric efficiency of bent-axis piston pumps. The effect of changes in gas content on the effective bulk modulus rarely is considered in the existing compression loss models, which does not apply to the compression loss of bent-axis piston pumps under cavitation. However, cavitation exists in the actual work, especially in increasing the speed of the bent-axis piston pump. To solve this problem, a compression loss model is proposed. Firstly, the modified Henry’s law and the simplified transport equations of gas are used to describe the oil gas content under cavitation, and the effective bulk modulus equation is established. Then, combined with the definition of compressibility, the compression loss model of the bent-axis piston pump is proposed. Finally, the compression loss of the bent-axis piston pump under different operating conditions is analyzed through simulation, and the results are verified by experiment. The results show that the model prediction results are a good agreement with the experimental results under different operating conditions. The conclusions provide a new method for evaluating the effective flow rate and volumetric efficiency in the bent-axis piston pump.