A new type of conductance sensor has been studied to simultaneously measure both flow rate and water cut of oil-water two-phase fluid in production wells. The water cut is obtained by the ratio of the conductivity of the oil-water mixture fluid to that of the water, and the flow rate is obtained by cross-correlation flow rate measurement, which can determine the transit time of the flowing noise signals of fluid passing through the upstream and downstream sensors in the conductance sensor. In this article, the structure of the conductance sensor and the principles of measurement of flow rate and water cut are introduced. The results of the dynamic experiment in a multiphase flow loop and the in situ application of the technology are introduced herein.