Tip clearance has a great effect on the flow and pressure fluctuation characteristics in a multiphase pump, especially at multiple operating points. The phase distribution and pressure fluctuation in tip clearance in a multiphase pump are revealed using the CFD (computational fluid dynamics) technology and high-speed photography methods. In this paper, the phase distribution, the gas-liquid two-phase velocity slip, and the pressure fluctuation intensity are comprehensively analyzed. Results show with the increase of the tip clearance, the multiphase pump pressurization performance is obviously deteriorated. In the meantime, the gas accumulation mainly occurs at the hub, the blade suction side (SS), and the tip clearance, and the maximum gas-liquid two-phase velocity difference is near the impeller streamwise of 0.4. In addition, the tip clearance improves the gas-liquid two-phase distribution in the pump, that is, the larger the tip clearance is, the more uniform the gas-liquid distribution becomes. Furthermore, the gas leads to the maximum pressure fluctuation intensity in the tip clearance which is closer to the tip leakage flow (TLF) outlet, and has a greater effect on the degree of flow separation in the tip clearance.