This paper describes the detailed analysis of a multistage canned motor pump with an additional radial suction impeller by means of CFD simulations to determine the main losses and to establish optimization potential of the hydraulic parts. In addition to the main flow channels of the impeller, the degree of detail of the analysis also includes the front and rear impeller side spaces, relief holes, gaps, return sections and all hydraulically wetted surfaces of the canned motor. The model presented was successively generated and already at a very early stage it was obvious that the model has to contain all details mentioned in order to provide valuable simulation results. For the impeller, the gaps and the pressure relief holes primarily structured meshes were used with a final model of the existing pump consisting of more than 35 million nodes. The behavior of the main components was analyzed in detail and additionally the CFD simulations — stationary and transient — with scale resolving turbulence models were validated by means of model tests. Furthermore, a comprehensive loss analysis of the existing pump was performed to verify the optimization potential. The subsequent optimization was realized semi-automated. A tight corset of requirements, e.g. identical head curve, suction behavior and dimensions, has been defined to guarantee retrofit capability of the pump analyzed in order to fully satisfy the demand for a constant delivery head curve and at the same time to provide for a relative increase of the optimum efficiency by 25% and in a wide range of applications by at least 20%. The optimized model was manufactured based on rapid prototyping and tested in the laboratory. The results show a satisfying correlation between the numerically predicted and the measured results on the test rig and prove the high quality of the numerical simulations run.