Inthispaper,thebasicequationsoftwo-phaseliquidmetalflowinamagneticfieldarede-rived,andspecifically,two-phaseliquidmetalMHDflowinarectangularchannelisstudied,andtheexpres-sionsofvelocitydistributionofliquidandgasphasesandtheratioK0ofthepressuredropintwo-phaseMHDflowtothatinsingle-phasearederived.ResultsofcalculationshowthattheratioK0issmallerthanunityanddecreaseswithincreasingvoidfractionandHartmannnumberbecausetheeffectiveelectricalconduc-tivityinthetwo-phasecasedecreases.