A new type of vortex drop shaft without ventilation holes is proposed to resolve the problems associated with insufficient aeration, negative pressure (Unless otherwise specified, the pressure in this text is gauge pressure and time-averaged pressure) on the shaft wall and cavitation erosion. The height of the intake tunnel is adjusted to facilitate aeration and convert the water in the intake tunnel to a non-pressurized flow. The hydraulic characteristics, including the velocity (Unless otherwise specified, the velocity in this text is time-averaged velocity), pressure and aeration concentration, are investigated through model experiment and numerical simulation. The results revealed that the RNG k-ε turbulence model can effectively simulate the flow characteristics of the vortex drop shaft. By changing the inflow conditions, water flowed into the vertical shaft through the intake tunnel with a large amount of air to form a stable mixing cavity. Frictional shearing along the vertical shaft wall and the collisions of rotating water molecules caused the turbulence of the flow to increase; the aeration concentration was sufficient, and the energy dissipation effect was excellent. The cavitation number indicated that the possibility of cavitation erosion was small. The results of this study provide a reference for the analysis of similar spillways.