In this study, we analyze gas–liquid interaction characteristics using a heterogeneous two-fluid model to investigate the influence of interphase force on multiphase pump performance. Two-phase transport platforms are used in oil and gas development to eliminate the need for separation equipment and reduce costs. Full-channel numerical calculations were conducted for an axial-flow multiphase pump based on different inlet gas void fractions (IGVFs) and flow rates. The results indicate that the interaction force of each phase is relatively large in the rotor–stator interference region, and the drag, lift, virtual mass, and turbulent dispersion forces increase with an increase in IGVF or when deviating from the design condition (Q = 50 m3/h). The interphase forces (resistance, lift, virtual mass force, and turbulent dispersion) increase considerably in the impeller passage and minimally in the guide blade passage. Under the conditions of small and high flows, the force of each phase changes considerably in the impeller and diffuser passages, respectively. Furthermore, the turbulent kinetic energy in the flow passage corresponds to the change trend of the interphase force, indicating that the interphase force causes energy loss inside a multiphase pump. These results provide essential information for the optimization of the hydraulic design of multiphase pumps.