The hump characteristic is one of the major instabilities in pump-turbines. When pump-turbines operate in the hump region, strong noise and serious fluctuations could be observed, which are harmful to the safe and stable operations and even destroy the whole unit as well as water conveyance system. In this paper, a low specific speed (nq = 36.1 min−1) pump-turbine model was experimentally investigated. Firstly, the hump characteristic was obtained under 19 mm guide vane opening. More interestingly, when the hump characteristic was measured in two directions (increasing and decreasing the discharge), the hysteresis characteristic was found during the hump region. The analysis of performance characteristics reveals that the hump instability is resultant of Euler momentum and hydraulic losses, and different Euler momentum and hydraulic losses in the two development processes lead to hysteresis phenomenon. Then, 12 pressure sensors were mounted in the different parts of the pump-turbine model to obtain the time and frequency characteristics. The analysis of fast Fourier transform confirms that the hump characteristic is related to the low-frequency (0.04–0.15 times rotational frequency) vortices. The occurrence and cease of vortices depend on the operating condition and measurement direction, which contribute to the hysteresis characteristic. Finally, the type of the low-frequency vortices was analyzed through the cross power spectrum.