In the present work, the variations of pressure pulsation, shedding cloud cavity volume and re-entrant jet in the cavitating flow around the NACA0015 hydrofoil are captured based on experiment and numerical simulation at different inflow velocities. The relationship between these factors and cavitation erosion is then investigated. The findings suggest a certain correlation between pressure pulsation, shedding cloud cavity volume, re-entrant jet velocity and cavitation erosion, but the intensity and position of cavitation erosion cannot be accurately predicted only by a single factor. The Erosive Power Method is based on multifactor considerations and is more effective than the Intensity Function Method for the prediction of cavitation erosion. An improved prediction scheme based on the Erosive Power Method and considering the shedding trajectory of cloud cavity is proposed, which significantly improves the credibility of cavitation erosion prediction on the NACA0015 hydrofoil. The erosion mechanism due to shedding cloud cavity collapses at different distances from the hydrofoil surface are the key to accurately predict cavitation erosion. Display omitted •This work investigates the effects of various factors on cavitation erosion.•The high-speed visualization images are quantified by image processing.•The decay rate of shedding cloud cavity volume is closely related to cavitation erosion.•An improved scheme based on the shedding trajectory of cloud cavity is proposed.•The prediction results agree well with the cavitation erosion experiment.