Butterfly valves are widely used in the pipeline transportation industry due to their safety and reliability, as well as their low manufacturing and operation costs. Cavitation is a common phenomenon in the butterfly valve that can lead to serious damage to a valve’s components. Therefore, it is important to investigate the generation and evolution of cavitation in butterfly valves. In this study, LES and the Zwart model were used as the turbulence and cavitation models, respectively, to simulate cavitation through a butterfly valve. The influence of the valve opening degree and inlet flow velocity on dynamic cavitation through the butterfly valve were studied. Furthermore, the cavitated flow field was examined, along with the performance coefficients of the butterfly valve. With the increase in the incoming flow velocity, the high-speed jet zone over a large-range and low-pressure zone appeared inside the downstream of butterfly valve, which affected its stability and the cavitation generation through the valve. Furthermore, the flow coefficient decreased with the increase in vapor volume. In addition, the results indicated that cavitation was more easily induced for smaller valve opening degrees, and the interaction between cavitation and solid walls was stronger. Due to the existence of cavitation, the flow characteristics of butterfly valves are seriously affected.