In order to ascertain the impact of working water flow rate and inlet pressure on the performance of the liquid–gas jet pump with square nozzle, the pumping volume ratio and efficiency of the liquid–gas jet pump with square nozzle were experimentally investigated at different inlet pressures and working water flow rates. Furthermore, the internal flow characteristics of the liquid–gas jet pump with square nozzle were explored through the utilization of visualization technology in the self-designed square-nozzle liquid–gas jet pump experimental setup. The findings indicate that the pumping ratio of the liquid–gas jet pump increases in conjunction with an elevation in the inlet pressure. Liquid–gas jet pump efficiency is higher at lower inlet pressures, up to 42.48%, and drops rapidly as inlet pressure increases. The pumping volume ratio of the liquid–gas jet pump increases significantly as the working water flow rate increases, and the working water flow rate exerts a minimal effect on the working efficiency of the liquid–gas jet pump. In the context of extreme vacuum conditions, a considerable number of droplets undergo substantial reflux in the posterior section of the throat, with a notable absence of bubbles in the diffusion tube. The size and number of bubbles diminish gradually along the axial direction. The objective of this paper is to provide a reference point for determining the optimal operational parameters for a square-nozzle liquid–gas jet pump in a practical context.