The evolution of the water-entry cavity affects the impact load and the motion of the body. This paper adopts the Eulerian finite element method for multiphase flow for simulations of the high-speed water-entry process. The accuracy and convergence of the numerical method are verified by comparing it with the experimental data and the results of the transient cavity dynamics theory. Based on the results, the representative characteristics of the cavity are discussed from the perspective of the cavity cross-section. It is found that the asymmetry of the cavity expansion and contraction durations is related to the motion of the free surface and the closure of the cavity. The uplift of the free surface suppresses cavity expansion, while the jet generated from free surface closure accelerates cavity contraction. The duration of the contraction of the cavity near the free surface is shorter than the expansion duration due to the change in the velocity distribution caused by the free surface motion. The necking phenomenon during deep closure leads to an increase in the internal pressure of the cavity, prolonging cavity contraction near the deep closure area. This work provides new insights into the cavity dynamics in high-speed water entry.