One of the most undesirable phenomena encountered in the operation of a centrifugal pump is cavitation. It causes structural damage, vibration, and blockage of mass flow, leading to a drop in performance and life of the pump. This study addresses cavitation modeling of a single‐stage centrifugal pump and aims at minimizing cavitation by introducing an inducer upstream of the impeller. Furthermore, it aims at understanding different multiphase modeling schemes by a computational fluid dynamics software and its variation from single‐phase flows. The results from the numerical model are first validated against standard experimental data to check the credibility of the model. After validation, a single‐phase analysis is performed for a wide range of operating conditions. Subsequently, the Schnerr‐Sauer cavitation model is invoked and a multiphase analysis is carried out for the same. The results obtained shows that the inducer is effective in reducing the amount of cavitation for a substantial number of operating conditions. The effectiveness of the inducer is calculated, and a 96% effectiveness is observed at the best efficiency point. Furthermore, data from single‐phase and multiphase analysis are compared, and a method based on absolute pressure is proposed, which can provide results with significant accuracy without the need for expensive computation. Finally, Zwart‐Gerber‐Belamri model is used for cavitation modeling, and the behavior of the scheme is compared with Schnerr‐Sauer model. The pump parameters are compared, and the obtained results show close similarity between the two models.