Hydraulic oscillator is an important drilling equipment extensively used in petroleum extraction and drilling work. It generates vibration along the axis direction to drive the drilling tool to drill and the drilling effect largely depends on the axial impulsive loading and frequency of the hydraulic oscillator. However, few present studies have been conducted on the influence of variations in key geometric parameters on axial impulsive loading and frequency of hydraulic oscillators, and systematic analysis is still lacking. Optimization calculations were carried out on throat inner diameter, throat length, nozzle spacing, and nozzle angle of the hydraulic oscillator. The analysis results show that: The overall impact of throat length and nozzle angle changes on axial load is small, while throat inner diameter has the greatest impact on the axial load. The axial load is 375.78 N when throat inner diameter is 10 mm, which is 8 times larger than that when throat inner diameter is 20 mm. Moreover, the throat inner diameter is smaller, both the axial load and amplitude are greater. Nozzle spacing has a significant influence on the axial load within a narrow spacing range. As nozzle spacing increases, the axial load increases overall while the amplitude shows a decreasing trend. Particularly, when nozzle spacing exceeds a certain value, the axial load does not vary significantly.