Common gear pumps have numerous shortcomings, including poor flow quality, high unbalanced radial force, imbalanced “balanced compound gear pumps” with complex structure, many leakage points, high manufacturing and assembling precision, high cost, and difficulty using in industrial applications. This paper proposed a new design scheme of a parallel gear pump with three substructures. Based on the design model, theoretical analysis of structural principles, power density, radial force, flow characteristics, and flow fluctuating were carried out. The result shows the new pump design has the advantages of small axial size, high power density, the initiative gear balanced the gear radial force, and decreased the radial force of the driven gear. By selecting suitable numbers of teeth, it can reduce flow pulsation effectively and improve flow quality.