The objective of this study is to analyze the cavitation characteristics in liquid hydrogen and nitrogen. The aim was realized by implanting the Schnerr-Sauer cavitation model and the physical properties of liquid hydrogen and liquid nitrogen at different temperatures into the CFX solver code, and coupling the energy equation considering the latent heat. Then the three-dimensional numerical simulation of cavitating flows was conducted around a hydrofoil in liquid hydrogen and nitrogen, and the experimental results of the pressure and temperature were utilized to validate the numerical strategy. The results show that the thermodynamic effects have more pronounced impact on the pressure and temperature in the cavitation region of liquid hydrogen. The liquid phase volume fraction in liquid nitrogen is smaller in the core cavitation region than that of liquid hydrogen, and the rate of phase transition from vapor to liquid is large in the closure region. The mass transfer rate between liquid and vapor can be used to evaluate the temperature, pressure and phase volume fraction inside the cavity effectively.