A numerical study of axisymmetric overexpanded nozzle flows is presented. The flow structures of the startup and throttle-down processes are examined. During the impulsive startup process, observed flow features include the Mach disk, separation shock, Mach stem, vortex core, contact surface, slip stream, initial shock front, and shocklet. Also the movement of the Mach disk is not monotonical in the downstream direction. For a range of pressure ratios, hysteresis phenomenon occurs; different solutions were obtained depending on different processes. Three types of flow structures were observed. The location of separation point and the lower end turning point of hysteresis are closely predicted. A high peak of pressure is associated with the nozzle flow reattachment. The reversed vortical structure trapped behind the Mach disk appears to be key to causing the differences in the flow structures and affects engine performance.