A pneumatic lifting pump is used in sewage treatment, offshore oil production, and other fields because of its simple structure and strong practicability. In order to study its internal hydraulic characteristics and gas-liquid two-phase flow, this paper carries out experimental research on the influence of different air intake modes and riser diameters on the performance of a pneumatic lifting pump. The air-water two-phase flow pattern in the riser and motion characteristics of bubble formation at the nozzle are obtained by a high-speed camera. Through theoretical analysis, the theoretical model of a pneumatic lifting pump is established, and experimental results verify the theoretical model well. The results show that when the submergence ratio is constant, the lifting efficiency decreases with the smaller intake area under different intake areas; and the influences of different holes distributions on liquid flow rate and lifting efficiency are not significant under the same intake area. At the same submergence ratio, the smaller the riser diameter, the smaller the final lifting liquid flow rate and the larger the lifting efficiency peak value.