Liquid oxygen turbopumps are an important component of rocket engines. The instability induced by cavitation flow in turbopumps has received considerable attention because of thermodynamic effects. In this study, unsteady numerical simulations of a turbopump with thermodynamic effects were performed. The frequency composition and source of pressure fluctuations in a turbopump were analyzed, and the difference in pressure fluctuations with/without thermodynamic effects was revealed. The results showed that the pressure fluctuations were mainly caused by the interaction between the impeller and diffuser, and the thermodynamic effects slightly increased the amplitudes of the characteristic frequencies. In addition, in the inducer and impeller, three characteristic frequencies (4.089fn, 2.519fn, and 3.238fn, where fn is the rotational frequency) were confirmed. Analyses revealed that the 4.089fn was due to the periodic shedding of cavitation structures on the suction surfaces at the inducer outlet, 2.519fn was induced by the periodic occurrence and collapse of cavitation on the suction surfaces at the impeller inlet; and 3.238fn was from the periodic shedding of cavitation structures on the suction surfaces at the impeller middle blades. The existence of thermodynamic effects decreased the frequency of cavitation shedding and increased the frequency of the periodic occurrence and collapse of cavitation.