Cavitation generally occurs where the pressure is lower than the saturated vapor pressure. Based on large eddy simulation (LES) methodology, an approach is developed to simulate dynamic behaviors of cavitation, using transport equation for subgrid terms combined with volume of fluid (VOF) description of cavitation and the Kunz model for mass transfer. The computation model is applied in a 3D field with an axisymmetric projectile at cavitation number σ = 0.58. Evolution of cavitation in simulation is consistent with the experiment. Clear understanding about cavitation can be obtained from the simulation in which many details and mechanisms are present. The phenomenon of boundary separation and re-entry jet are observed. Re-entry jet plays an important role in the bubble shedding.