The impulse water turbine is a promising energy conversion device that can be used as mechanical power or a micro hydro generator, and its application can effectively ease the current energy crisis. This paper aims to clarify the mechanism of liquid acting on runner blades, the hydraulic performance, and energy conversion characteristics in the runner domain of an impulse water turbine with a splitter blade by using experimental tests and numerical simulations. The runner was divided into seven areas along the flow direction, and the power variation in the runner domain was analyzed to reflect its energy conversion characteristics. The obtained results indicate that the critical area of the runner for doing the work is in the front half of the blades, while the rear area of the blades does relatively little work and even consumes the mechanical energy of the runner to produce negative work. The high energy area is concentrated in the flow passage facing the nozzle. The energy is gradually evenly distributed from the runner inlet to the runner outlet, and the negative energy caused by flow separation with high probability is gradually reduced. The clarification of the energy conversion performance is of great significance to improve the design of impulse water turbines.