Wetness loss of a steam turbine seriously affects the security of the unit when operating in deep peak regulation. To obtain the distribution characteristics of the high wetness loss area under different working conditions, especially low-load conditions, the last two stages of the low-pressure cylinder (LPC) of a 600 MW steam turbine were simulated using the non-equilibrium condensation model proposed in this study. The nucleation rate distribution, supercooling degree, and steam velocity droplet were analyzed. Consequently, the diameter distribution of coarse water droplets under 100%, 50%, 40%, 30%, and 20% THA conditions and the distribution of the thermodynamic loss and water droplet resistance loss were obtained. Thermodynamic loss mainly occurred at the front end of second-stage stator blades and trailing end of the last-stage stator blades. The water droplet resistance loss mainly occurred at 40% of the blade height and at the tip of the last-stage stator blades. Moreover, with a reduction in the unit load, the thermodynamic loss continued to decrease, but the water droplet resistance loss continued to increase.