In this paper, the cavitating flows around a hydrofoil have been numerically investigated by using a 2-d multi-phase RANS flow solver based on pseudo-compressibility and a homogeneous mixture model on unstructured meshes. For this purpose, a vertex-centered finite-volume method was utilized in conjunction with 2nd-order Roe’s FDS to discretize the inviscid fluxes. The viscous fluxes were computed based on central differencing. The Spalart-Allmaras one equation model was employed for the closure of turbulence. A dual-time stepping method and the Gauss-Seidel iteration were used for unsteady time integration. The phase change rate between the liquid and vapor phases was determined by Merkle’s cavitation model based on the difference between local and vapor pressure. Steady state calculations were made for the modified NACA66 hydrofoil at several flow conditions. Good agreements were obtained between the present results and the experiment for the pressure coefficient on a hydrofoil surface. Additional calculation was made for cloud cavitation around the hydrofoil. The observation of the vapor structure, such as cavity size and shape, was made, and the flow characteristics around the cavity were analyzed. Good agreements were obtained between the present results and the experiment for the frequency and the Strouhal number of cavity oscillation.