The invention discloses cavitation erosion test equipment for testing material performance and a test method thereof, wherein the equipment comprises a Venturi tube, a water tank, a centrifugal pump, a pipe system, a pressure meter A, a pressure meter B, a flow meter, a flow regulation valve A, a flow regulation valve B and a flow regulation valve C, wherein the front end of the Venturi tube is respectively connected with the pressure meter A, the flow regulation valve A, the flow meter, the centrifugal pump and the water tank through the pipe system in sequence; and the rear end of the Venturi tube is respectively connected with the pressure meter B, the flow regulation valve B and the water tank through the pipe system in sequence. The flow regulation valve A and the flow regulation valve B are regulated so that an inlet end and an outlet end of the Venturi tube has a certain pressure difference, and cavitation phenomena occur at the tail end of the neck part of the Venturi tube and the front part of an outlet taper angle. The test method is closer to the generating process of the cavitation erosion in fluid under the actual working conditions. The equipment disclosed by the invention needs few workpieces and has low cost, simple operation process and stable performance in the cavitation test.