Taking a certain type of high-pressure and high-flow emulsion pump as the research object, the influencing factors of the volumetric efficiency of the emulsion pump are analyzed. The simulation model of emulsion pump and flow distribution valve was constructed in AMEsim. The effects of the outlet flow of the flow distribution valve, the hydraulic oil volume modulus, and the piston pump gap flow on the volumetric efficiency were studied. Simulation results show that: the hysteresis of the flow distribution valve has the greatest impact on the volumetric efficiency, the larger the bulk modulus, the higher the loss of volumetric efficiency, and the gap of this type of piston pump should be less than 0.02mm.