To improve the working performance of the early annular jet pump (EAJP), a streamlined annular jet pump (SAJP) was proposed. The flow field and working performance of the EAJP and SAJP with an area ratio (m) of 1.75 were numerically studied and compared, separately, by using the combination of the Realizable k-ε turbulence model and the Schnerr−Sauer cavitation model. The results show that the efficiency of the SAJP is higher than that of the EAJP, when the flow ratio (q) is higher than 0.30, with a maximum increase of 1.2%. Furthermore, the high-efficiency area of the SAJP (q = 0.40~0.69) is wider than that of the EAJP (q = 0.36~0.57). There is no flow separation and low local pressure in the SAJP, due to the conjunction part of the suction chamber, throat, diffuser and outlet pipe without the structural mutation. It was found that the incipient cavitation number (σi) of the SAJP and EAJP was 0.541 and 0.578, respectively; therefore, the cavitation performance of the SAJP is better. Meanwhile, the critical flow ratio (qc) of the SAJP is 0.69, which is larger than that of the EAJP (qc = 0.57), implying that the SAJP has a wider normal working range than the EAJP. Importantly, the inception and development of cavitation appeared in the diffuser of the SAJP, different from that in the throat of the EAJP. Hence, it concluded that the cavitation in the SAJP has less influence on the flow field and working performance.