Experimental approaches to manipulate light-matter interaction at nanoscale have quickly advanced in recent years, leading to the demonstration of spaser (surface plasmon amplification by stimulated emission of radiation) in plasmonic nanocavities. Yet, a well-understood analytical theory to better understand and quantitatively explain the connotation of spaser system is urgently needed. Here we develop an all-analytical semiclassical theory to investigate the energy exchange between active materials and fields and the spaser performance in a plasmonic nanocavity. The theory incorporates the four-level atomic rate equations in association with the classical oscillator model for active materials and Maxwell's equations forfields, thus allowing one to uncover the relationship between the characteristics of spaser (the output power, saturation, threshold, etc.) and the nanocavity parameters (quality factor, mode volume, loss, spontaneous emission efficiency, etc.), atomic parameters (number density, linewidth, resonant frequency etc.), and external parameters (pumping rate, etc.). The semiclassical theory has been employed to analyze previous spaser experiments, which shows that a single gold nanoparticle plasmonic nanocavity is very difficult to ignite spaser due to too high threshold. The theory can be commonly used in understanding and designing all novel microlaser, nanolaser, and spaser systems.