The propulsive performance and vortex dynamics of a two-dimensional model for the jellyfish-like propulsion with burst-and-coast strategy are investigated using a penalty-immersed boundary method. The simplified model comprises a pair of pitching flexible plates with their leading edges connected. The effects of two key parameters are considered, i.e., the duty cycle (DC, the ratio of the closing phase to the whole period) and the bending stiffness (K). Three different wake patterns, i.e., periodic symmetric, periodic asymmetric, and chaotic wakes, are identified in the DC–K plane. Numerical results indicate that a significant fast-close-slow-open motion is more likely to achieve higher speed, efficiency, and stability than a slow-close-fast-open motion, and proper higher bending stiffness is conducive to improving efficiency. A force decomposition based on the weighted integral of the second invariant of the velocity gradient tensor is performed to gain physics insight into the self-propulsive mechanism. It is found that the repulsive force induced by the strain-rate field between the body and the previous vortex pair is the main driving force of the jellyfish-like motion and that capturing the previous vortex pair during the closing phase can significantly enhance the strain rate as well as the thrust. This clarifies why the jellyfish can achieve thrust by pushing back vortex pairs. This study provides inspiration for the design and control of flexible jet propulsion devices.