Cavitation is a well-known problem in centrifugal pumps, causing serious damage and substantial head losses. However, the reason for the sudden head drop in cavitation curves is not fully understood. In this paper, the transient three-dimensional cavitating flow field in a centrifugal pump was calculated using RNG k-ε turbulence model and Rayleigh Plesset cavitation model. The NPSH-H curve and the cavitation development in the whole passage were predicted. The blade loading and energy transfer are analyzed for various cavitation conditions. The results show that the existing of the cavities changes the load distribution on blades. With the decrease of NPSH the loads on blades tend to increases in the rear part but decreases in the front part. If NPSH is not so low, sometimes the overall torque may increase slightly, thus the head may also increase slightly. But if the NPSH become low and reach a threshold value, the overall torque will also decrease. At the same time, the energy dissipation in the vortices increases greatly because of the growth of the cavities. These two reasons make the head drop rapidly.