In this study, the effect of the free surface on the cloud cavitating flow around a blunt body is investigated based on the water tank experiment and the CFD method. Numerical results are in good agreement with experimental data, and the mesh independence of the methods is verified. The cavity evolution process includes the cavity growth, the re-entrant jet, the cavity shedding, and the collapse, which can all be observed from the water tank experiment. The effects of the free surface on the cavity length, the thickness, and the cavity evolution period are analyzed by comparing the difference between the cavitating flows on the upper and lower sides of the body. This study also examines the effect of the distance between the free surface and the model through a series of water tank experiments and numerical simulations. The cavity stability and asymmetry, as well as the thickness and the velocity of the re-entrant jet inside the cavity, which varies with the submerged depth, are discussed with consideration of the effect of the free surface. The effect of the free surface on the cavitating flow around the blunt body is enhanced with the decrease of the submerged depth.