In order to study the cavitation performance and open water performance of the propeller, the computational fluid dynamics (CFD) method was used to numerically simulate propeller in open water. A structured grid scheme was adopted, and the computation domain was separated into two sub-domains, in which the propeller was contained in inner domain. Mesh was local refined on propeller surface and near wake flow field. Hydrodynamic performance parameters such as thrust coefficients, torque coefficients, efficiency and cavitation area were calculated and compared with experimental data. The results showed that numerical results agreed well with experimental data which validated the reliability of the numerical method. The cavitation performance of the propeller was calculated by using mixture model and the effect of cavitation number was analyzed in order to provide a feasible plan for the prediction of propeller cavitation performance.