Vertical centrifugal pumps play a crucial role in numerous water conservancy projects. However, their continuous operation can lead to the development of cracks or even fractures in some centrifugal pump blades, resulting in a substantial adverse impact on the operation of the pumping station unit and jeopardizing safe production. This study employs the fluid-structure interaction method to comprehensively investigate the modal characteristics of the impeller, both in an air environment and immersed in water. Furthermore, the analysis of static and dynamic stress attributes is conducted. The natural frequency of the impeller when submerged in water is significantly lower than its frequency in an air medium, typically accounting for approximately 0.35 to 0.46 of the air-based natural frequency. There are conspicuous stress concentrations at specific locations within the system, specifically at the rounded corners of the blade back exit edge, the impeller front cover, the middle of the blade inlet edge, and the junction where the blade interfaces with the front and back cover. It is crucial to underscore that when the system operates under high-flow or low-flow conditions, there is a pronounced stress concentration at the interface between the impeller and the rear cover plate. Any deviation from the intended design conditions results in an escalation of equivalent stress levels. Through dynamic stress calculations during a single rotational cycle of the impeller, it is discerned that the cyclic nature of stress at the point of maximum stress is primarily influenced by the number of blades and the rotational velocity of impeller. This research carries significant implications for effectively mitigating blade fractures and cyclic fatigue damage, thereby enhancing the operational reliability of vertical centrifugal pumps in water conservancy applications.