The understanding of the influence of water and gas dissolution and escape on the performance of a new type of catalytic inerting system can provide guidance for the design of the system. First, a low temperature controllable oxygen consumed catalytic inerting system process was designed. Then, based on the molar flow rate of the pumped gas in the fuel tank, the flow relationship of each gas component before and after flowing through the catalytic reactor and the cooler was deduced, and the concentration variation of each gas in the gas phase space of the fuel tank was determined through the gas state equation and the gas equilibrium dissolution relationship. In addition, in the cases of fuel with or without gas dissolution and escape, the effect of two key parameters, i.e., flow rate and oil loading rate of fan, on the water production and cooling performance of the system was studied. Results show that the oxygen concentration in the gas phase space of the tank decreased with the inerting process, and the molar fraction of the water vapor increased while the growth rate gradually slowed down. The cooling power required in the reactor and the cooler, the relative humidity at the outlet of the reactor, and the water removal in the cooler all decreased with time. Besides, the dissolved and escaped gases such as oxygen, nitrogen, and carbon dioxide in the fuel had a great impact on the system performance, and the amount of cooling gas required in the cooler was about 33% higher when water precipitation was taken into account. Therefore, the influence of gas dissolution and escape and water precipitation on the performance of the inerting system should not be neglected in the design of catalytic inerting systems in the future.