The invention relates to a flowing and heat transfer characteristic simulation device for a water-oil mixture in a regenerative cooling channel, and belongs to the field of flow and heat transfer characteristic simulation. The device consists of a storage tank, a filter, a constant flow pump, a flowmeter, a tee joint, a preheating section, a four-way joint, a secondary heating section, a cooling device, a filter, a back pressure valve, a kerosene recovery device, a gas-liquid separator, a wet gas flowmeter, a gas collection device, a liquid collection device, a measurement and control computer, a data acquisition device, a temperature sensor, a wall temperature sensor, a pressure sensor and a high-pressure gas source. The functions of accurate working medium input, segmented mixing, heating and product separation and collection are achieved, and the mixing and cracking of a kerosene and water mixture in a cooling channel of a scramjet engine can be simulated. The flowing and heat transfer characteristics of the kerosene and water mixture in the cooling channel of the scramjet engine are obtained. The device has the advantages of convenience in use, stable work, accurate working condition, good safety and the like.