In this paper, the cavitation characteristics of centrifugal blood pumps under variable speeds were studied by using ANSYS-CFX and MATLAB software. The study proposed a multi-scale model of the “centrifugal blood pump—left heart blood circulation”, and analyzed the cavitation characteristics of the centrifugal blood pump. The results showed that the cavitation in the impeller first appeared near the hub at the inlet of the impeller. As the inlet pressure decreased, the cavitation gradually strengthened and the bubbles gradually developed in the outlet of the impeller. The cavitation intensity increased with the increase of impeller speed. The curve of the variable speeds of the centrifugal blood pump in the optimal auxiliary state was obtained, which could effectively improve the aortic pressure and flow. In variable speeds, due to the high aortic flow and pressure during the ejection period, the sharp increases in speeds led to cavitation. The results could provide a guidance for the optimal design of the centrifugal blood pump.