The Savonius-type hydraulic turbine, mainly known for its good self-starting properties and simple structure, not only has energy capturing characteristics but also has a certain effect on flow velocity reduction. Aside from ensuring energy capture efficiency, studying the effects of parameters on the flow velocity reduction capacity is of great significance for the protection of mariculture, as it can reduce the damage to cages and fishes. In this study, a computational fluid dynamics method was carried out to investigate the hydrodynamic characteristics and variations in the wake of a turbine. The accuracy of the simulation results was verified by experimental comparison. Firstly, the velocity contours and vectors were studied in detail to reveal the mechanism of the flow velocity reduction effect. Secondly, the velocity attenuation coefficient and relative attenuation length were formulated by the variation rule of the velocity field to evaluate the turbine reduction strength and range. Finally, the power coefficient was considered to predict the performance of a turbine under different tip speed ratios, overlap ratios, blade curvatures, and blade numbers. The results showed that the turbine had an obvious flow velocity reduction effect in the rear “sword”-shaped area, where the velocity field distribution had a certain regularity. In addition, by comprehensively comparing the simulation data, it was found that the respective effect trend of tip speed ratio, blade number, overlap ratio, and curvature on the turbine’s energy capture and flow velocity reduction characteristics was basically the same. Considering the effect of reducing flow velocity, a two-bladed turbine with a blade curvature of 0.8 and an overlap ratio of 0.15 is the optimal configuration.