Gas/liquid two-phase ejector is a device without moving parts, in which liquid is used to drive gas of a low-pressure source. In this paper, the hydrodynamic characteristics of a vertical down type two-phase ejector were studied using an air-water loop system. Entrained air flow rates were measured with inlet and outlet pressures of the ejector with varying water flow rate. Homogeneous bubbly flows in the discharge pipe were confirmed by the high speed flow visualization method. Quantitative measurements of void fraction were made using a newly developed fiber optic probe system.