To study the variation characteristic of supercavity shape and gas-leaking mode in the initial generation and development process of a ventilated supercavity, a 3-D numerical model considering the compressibility of the ventilated gas and gravity effect was adopted to simulate the supercavitation flow by using the inhomogeneous multiphase flow model and the SST turbulence model, which is verified and validated by the experimental results. The process of initial generation and development of the ventilated supercavity were investigated over a wide range of air entrainment coefficients and Froude numbers. The results show that the development of the re-entrant jet supercavity is very unstable. The initial generation of the supercavity is accompanied by the cavity collapse and cavity shedding, the phenomenon of air-water mixture reversely flowing occurs in the devolopment of the supercavity, and the supercavity shape is difficult to be estimated. The twin vortex supercavity is initially developed by the re-entrant jet closure mode. Then, the supercavity closure mode transfers to the twin vortex after the supercavity is fully developed, and the supercavity shape and the internal pressure are relatively stable. When approaching the criteria for the formation of the twin vortex and re-entrant jet closure, the supercavity mode changes between the twin vortex and the re-entrant jet, resulting in a more complex variation of supercavitation flow and supercavity shape.