This paper presents an investigation of external flow characteristics and pressure fluctuation of a submersible tubular pumping system by using a combination of numerical simulation and experimental methods. The steady numerical simulation is used to predicted the hydraulic performance of the pumping system, and the unsteady calculation is adopted to simulate the pressure fluctuation in different components of a submersible tubular pumping system. A test bench for a model test and pressure pulsation measurement is built to validate the numerical simulation. The results show that the performance curves of the calculation and experiment are in agreement with each other, especially in the high efficiency area, and the deviation is minor under small discharge and large discharge conditions. The pressure pulsation distributions of different flow components, such as the impeller outlet, middle of the guide vane, and guide vane outlet and bulb unit, are basically the same as the measurement data. For the monitoring points on the impeller and the wall of the guide vane especially, the main frequency and its amplitude matching degree are higher, while the pressure pulsation values on the wall of the bulb unit are quite different. The blade passing frequency and its multiples are important parameters for analysis of pressure pulsation; the strongest pressure fluctuation intensity appears in the impeller outlet, which is mainly caused by the rotor–stator interaction. The farther the measuring point from the impeller, the less the pressure pulsation is affected by the blade frequency. The frequency amplitudes decrease from the impeller exit to the bulb unit.