The flow fields in the power generation channel of a magnetohydrodynamic system, which uses a mixture of liquid metal as the power generation medium and a low-boiling-point working medium as the carrying medium, were numerically investigated in the present paper. The influences of the magnetic field intensity, void fraction, and bubble diameter were examined, respectively. The results indicate that an increase in the magnetic field intensity will enhance the turbulence intensity and may reduce the stability of the flow fields, whereas increasing the void fraction will contribute to better flow stability in the power generation channel. The effect of the bubble diameter on the flow field stability is negligible in the range of the study. In addition, it is found that the volume fraction of the gas phase exhibits an M-shape distribution by studying the variation of the slip velocity over time. his paper presents our latest findings and will provide a fundamental theory for future design and operation of liquid metalmagnetohydrodynamic systems.