Studies on the tip leakage vortex (TLV) are extensive, while studies on the secondary tip leakage vortex (S-TLV) are rare. To advance the understanding of the formation mechanism of the S-TLV, turbulent cavitating flows were numerically investigated using the shear stress transport (SST) turbulence model and the Zwart–Gerber–Belamri cavitation model. The morphology and physical quantity distribution of the S-TLV under two cavitation conditions were compared, and its formation mechanism was analyzed. The results reveal that in the lower cavitation number case, there is a low-velocity zone of circumferential flow near the tip in the back half of the blade. The shear vortices formed by the leakage jet gradually accumulate and concentrate in the low-velocity area, which is one of the main sources of the S-TLV. Meanwhile, the radial jet pushes the vortices on the suction surface to the tip, which mixes with the S-TLV. The flow path formed by the radial jet and the leakage jet is in accordance with the rotation direction of the S-TLV, which promotes the S-TLV’s further development. Under the conditions of a small cavitation number and low flow rate, the circumferential velocity and radial velocity of the fluid near the gap have altered significantly, which is conducive to the formation of the S-TLV.