Based on the model construction of the deep hole spillway of Lianghekou Hydropower Station, the influence of Froude number and Reynolds number on high-speed flow aeration is studied. The results show that with the increase of Froude number and Reynolds number, the aeration effect of water flow is enhanced, and with the variation of Froude number, the aeration concentration in the same section presents C-shaped, S-shaped and horizontal distribution, respectively. According to the comparison of the relative position of the measured section and the distribution law of the aeration concentration, the relative positions of the aeration carrying area, the dissipation area and the uniform aeration mixing area are 0-1,1-1.5 and after 1.5, respectively. The bottom aeration concentration gradually decreases along the course, while the average aeration concentration increases first and then decreases; the bottom aeration concentration gradually increases with the increase of Froude number and Reynolds number, and the average aeration concentration gradually increases with the increase of Froude number and the decrease of Reynolds number. This study summarized the dominant frequency range of the negative pressure of the cavity, the bottom of the ventilation shaft, the end of the cavity length and the pulsating pressure of the flow; and discussed the relationship between cavity length, protection length, air-water ratio, negative pressure index and Froude number.