The performance of a reciprocating pump–pipeline system is often limited by the fluid dynamic interaction between pump, pipeline, and valves. In this paper, the fluid dynamic characteristics of a reciprocating pump–pipeline system are investigated via experiments and numerical analysis. A simple experimental platform consisting of a reciprocating pump, suction and discharge pipes, and flow control valve are offered and the experimental tests under multiworking conditions are carried out to explore the fluid dynamic interaction of the reciprocating pump–pipeline system. Combined with theoretical analysis and computational fluid dynamics (CFD) simulations, a dynamic model of the pump–pipeline system is presented with considering the fluid dynamic interaction effect of pump valves, plunger stroke, and flow control valve. All of the predicted results coincide well with the experimental data, and the inherent mechanism and the feature of the fluid dynamic interaction are revealed by experiments and numerical analysis. It is shown that the fluid dynamic characteristics of pipeline significantly influence the lag phenomenon and the motion behaviors of pump valves. The discharge flowrate rises nonlinearly with the increase of plunger stroke and the leakage rate is associated with the resistance of flow control valve. The pressure pulsation in discharge pipe is directly related to and markedly impacted by the control valve opening and the plunger stroke. However, the influence of the reservoir liquid-level on the system dynamic behavior is relatively slight. This work would give information for the optimum design and operation maintenance of reciprocating pump–pipeline system.