Axial piston pumps with port valves are widely used in applications that require high pressure and high power. In the present research, a new type of double-swash-plate hydraulic axial piston pump (DSPHAPP) with port valves is presented. The structure and working principle of the pump are discussed, and the balance characteristics of the pump are analyzed. A mathematical model of the pump flow distribution mechanism considering the leakage is established, based on which the effects of centrifugal forces acting on the port valves, working pressure, and rotational speed on the flow distribution characteristics are studied. A new method of varying the displacement of the pump that changes the phase relation of the two swash plates is proposed, and the principle and regulating characteristics of the variable method are studied. A detailed analysis of the forces and moments acting on the cylinder and the bearing reaction forces is presented. Finally, the relationship between volumetric efficiency and working pressure, and rotational speed and variable angle, is presented. It is revealed through an analysis that the working principle of the pump is feasible, and that the variable method can meet the requirements of varying the displacement of the pump. The characteristics of static balance and dynamic balance of the double-swashplate pump have the advantage of reducing vibration and noise. The research results also show that the reasonable matching of the working pressure and rotational speed can increase the pump's working performance to its optimum level.