In view of the difficulty of traditional hydrocyclones to meet the requirements of fine classification, a double-overflow three-product (internal overflow, external overflow and underflow) hydrocyclone was designed in this study. Numerical simulation and experimental research methods were used to investigate the effects of double-overflow flow field characteristics and structural parameters (i.e., internal vortex finder diameter and insertion depth) on separation performance. The research results showed that the larger the diameter of the internal vortex finder, the greater the overflow yield and the larger the cut size. The finest internal overflow product can be obtained when the internal vortex finder is 30 mm longer than the external vortex finder. The separation efficiency is highest when the internal vortex finder is 30 mm shorter than the external vortex finder.