In this paper, a 60-stage Marx circuit with the two-phase immersion cooling technique is presented. The performance parameters of the pulse generator with phase change immersion cooling and forced air cooling are compared. The results show that the maximum repetition rate is increased from 80 to 260 kHz, the pulse drift is significantly reduced from 900 to 200 ps, and the temperature rise of transistors is controlled effectively to enhance the stability of the amplitude. We also studied the influence of temperature on the turn-on and turn-off processes of the transistors to show the importance of heat management under high repetition conditions. Finally, a pulse generator is developed with the repetition rate of 200 kHz, the rise time of 180 ps, and the amplitude of 2350 V on a matched 50 Omega resistive load, which can work for more than 30 min.