In view of the low efficiency of cluster wells, a multi-well pumping system with phase-division balance is put forward based on the idea of overlapping load-dislocation vectors. In this article, the kinematics and dynamics of the system are analyzed and the torque fluctuation characteristics of the system and the changing law of the motor energy consumption are studied under theory and actual working conditions. Additionally, a comparative analysis of a computer simulation and field test is carried out from the single-well to four-well pumping system. The results show that the dynamic performance of the multi-well pumping system based on phase-division balance is obviously better than that of single-well pumping unit. In addition, the system has remarkable high-efficiency energy-saving characteristics and good dynamic characteristics with coefficient of load fluctuation approaching 1 and a markedly reduced root mean square torque. The influence of inertia force on driving moment is considered by establishing the dynamic equation of the main mechanism and doing dynamic simulation. The friction power is equivalent to the corresponding additional driving power, so the influence of friction on driving moment is considered. The computer simulation results also show that the effect of multi-wells is good. According to field test data, a four-well pumping system can save 361 kWh of electricity per day.