An improved multi-channel Impedance Void Meter (IVM) is developed to measure an area-averaged void fraction. It consists of a main sensor, a reference sensor and a signal processor. The sensor was designed to be flush-mounted to the inner wall of the test section to avoid the flow disturbances. Guard electrodes are used to obtain evenly distributed electrical field in a measuring volume. A reference sensor is also installed to eliminate the drift in void signal caused by the changes in electrical properties of working fluid. The signal processor with three channels is specially designed so as to minimize the inherent error due to the phase difference between channels. As an example of applications, the mean and fluctuating components of void fraction are measured for bubbly and slug flow regime, and it is shown that IVM has good dynamic resolution which is required to investigate the structural developments of bubbly flow and the propagation of void waves in a flow channel.