Since many studies on axial piston pumps aim at enhancing their high power-weight ratio, many researchers have focused on the generated mechanical losses by the three friction pairs in such pumps and attempted to diminish them through abundant and new structural designs of the pump’s components. In this paper, a high-speed 2D piston pump is introduced and its architecture is specifically described. Afterward, a mathematical model is established to study the pump’s mechanical efficiency, including the mechanical losses caused by the viscosity and stirring oil. Additionally, in this study the influences of the rotational speed, the different load pressures, and the rolling friction coefficient between the cone roller and the guiding rail are considered and discussed. By building a test rig, a series of experiments were carried out to prove that the mechanical efficiency was accurately predicted by this model at low load pressures. However, there was an increasing difference between the test results and the analytical outcomes at high pressures. Nevertheless, it is still reasonable to conclude that the rolling friction coefficient changes as the load pressure increases, which leads to a major decrease in the mechanical efficiency in experiments.