This article presents a new type of high-speed towing tank developed at Zhejiang Sci-Tech University, China. The towing tank can be used to do hydrodynamics and cavitation experiments effectively and can ensure high repeatability. Two groups of test models with square and circular cross-sectional areas were applied to test the hydrodynamic characteristics of the high-speed towing tank. The maximum velocity of the test models can reach about 18 m/s. It was found that the velocities and the cavitating wakes of the models are related to the shape of the model. This paper's work gives a method that how to improve traditional towing tank.