The aim of this study is to analyze of a centrifugal pump with and without balance holes by using ANSYS-Fluent software. The pump used in the study is a commercial centrifugal pump consisting of two stages that is a model of Sempa Pump Company. Firstly, models of impeller, diffuser, suction and discharge sections of the centrifugal pump were separately drawn using Ansys and Solidworks software. Later, grid structures were generated on the flow volume of the pump. Turbulent flow volume was numerically solved by realizable k-ϵ turbulence model. The flow analyses were focused on the centrifugal pump performance and the flow characteristics under different operational conditions with/without balance holes. Distributions of flow characteristics such as velocity and pressure distributions in the flow volume were also determined, numerically. The results of Computational Fluid Dynamics (CFD) with/without balance holes for the pump head and hydraulic efficiency on the design flow rate of 80 m3/h were found to be 81.5/91.3 m and 51.9/65.3%, respectively.