The propulsive wing propulsor (PWP), which means an underwater thruster equipped with a wing, a cross-flow fan (CFF), and a deflector, is capable of generating both horizontal thrust and vertical lift, thus enhancing the maneuverability of underwater vehicles and serving as a propulsion device. The hydrodynamic performance of the PWP is significantly influenced by the blade number it possesses. An unsteady numerical method based on the Reynolds-averaged Navier–Stokes equations was developed to examine the impact mechanism of blade number on the hydrodynamic performance, load fluctuation, and wake evolution of the PWP. The results indicate that as the blade number increases, the hydrodynamic forces, power, and propulsive efficiency of the PWP gradually increase. When the blade number exceeds 26, the performance of the PWP tends to stabilize. Insufficient blades can lead to turbulence in the internal flow of the CFF, intensifying interference between blade vortices, resulting in secondary peaks and frequency-domain bifurcations in hydrodynamics. With an increasing blade number, disturbances to the blade vortices decrease, enhancing the periodicity of PWP hydrodynamic fluctuations, but there may be an increase in high-frequency noise levels. The wake modes of the PWP undergo four transitions: double vortex pair mode, single vortex pair mode, single vortex pair + single vortex mode, and vortex strip mode. Disturbed blade vortices promote the transition of vortex pair shedding modes in the PWP wake, thereby causing variations in the periodicity of PWP hydrodynamics. Excessive amplitude and frequency may lead to structural fatigue damage in the PWP.