A centrifugal impeller, the pumping action of which could be highly kept even at an air-water two-phase flow condition of inlet void fraction more than 30% in the region of relatively high water flow rate, has been developed. In the present paper, the design concept of two-phase flow impeller is described, at first, with experimental results. The short bladed forward impeller with high outlet blade angle was decided to keep theoretical head higher even in two-phase flow condition and to disperse the air accumulating region on the suction blade surface by the water jet flow coming from the pressure side. Furthermore, the tandem arrangement of outer and inner rotating cascades with the same blade numbers was adopted to suppress the rotating stall phenomena appearing in the case of a single stage of outer cascade. It should be noted that these results were obtained with operating a boost pump installed upstream of mixing section of air and water, that is not an actual operation of two-phase flow pump. Secondly, the operating characteristics of this two-phase flow pump with change of air flow rate were investigated experimentally without operating the boost pump. As the trajectory of operating point with increasing air flow rate appears along the resistance curve of piping system, the impossibility of pumping occurs at lower air flow rate even though pump head takes a positive value at high air flow rate with increasing water flow rate. It is recognized that it is necessary to improve two-phase flow head characteristic curves in the region of low water flow rate to operate in wider two-phase flow conditions.