For the purpose of disclosing the hydrodynamic flow characteristics, under the low mass velocity conditions of the 600-MW supercritical circular fluidized beds boilers, experimental studies on instability of two-phase flow in parallel vertical internally ribbed tubes were conducted. Two kinds of oscillations, pressure-drop oscillation and density-wave oscillation, have been observed. In the range of test parameters the effects of pressure, mass flux, inlet subcooling, compressible volume, exit throttle, and asymmetric heat flux to the two-phase instability were explored and analyzed. Indications from experiment data are: To increase system pressure, mass flux and inlet subcooling will intensify the stability of water wall tubes. To increase exit throttle will intensify the instability of water wall tubes. The bounding pressure and bounding mass flux of density-wave oscillations and the bounding pressure of pressure-drop oscillation have been obtained. Based on the results of testing and using a homogeneous model, the threshold relational expressions of instability were obtained. The results may be used for the design and safe operation of parallel vertical rifled water wall tubes of supercritical circular fluidized beds boilers.