Three dimensional Reynolds averaged N-S equation and S-A turbulent model were adopted to simulate the flow field and hydraulic performance of the waterjet axial flow pump with the different impeller axial clearance. The numerical research results show that with the increase of axial clearance size, total pressure and static pressure rise at first and then decreases, torque and shaft power remain basically unchanged, the efficiency decreases gradually, the suction surface separation zone of stator expanded under the design condition. When the axial clearance is 30mm, the pump hydraulic performance and flow field are the best, and stator load distribution is the most uniform. When the axial clearance is 40–50mm the load of the lower part of stator leading edge is reduced greatly, which is not conducive to maintain static blade strength and maintain the stator rectifying action.