In an effort to reduce the charging time of electric vehicles (EVs), the thermal management of the charging system has emerged as one of the most urgent issues. The charging rate has been restricted to avoid thermal failure especially in charging cable. Recently, a direct contact cooling technique that utilizes subcooled flow boiling for charging cables has been proposed and has shown promising thermal management performance. However, there has been a lack of clear explanation regarding its thermal characteristics due to its intrinsically complicated flow features. This study investigates the thermal characteristics of subcooled flow boiling in a horizontally aligned concentric annular tube intended to simulate the direct contact cooling technique employed for charging cables. For the experimental investigation, the wall temperature measurements and high-speed flow visualization images acquired from the transparent test module annulus, with inner and outer diameters of 6.35 mm and 22.0 mm, were utilized. Three key axial thermal characteristics of subcooled flow boiling in annulus have been analyzed, and they are flow regime transition, variation of heat transfer mechanisms, and occurrence of critical heat flux (CHF). The transition of flow regimes and the variation of dominant heat transfer mechanisms in the axial direction are mutually influencing due to the coupled effects between the hydrodynamic and thermal characteristics of simultaneously developing flows. The flow regime changes from partially developed boiling (PDB) to fully developed boiling (FDB) as the intensities of nucleate boiling and bubble recondensation vary in the axial direction, while the dominant heat transfer mechanism shifts from single-phase convection to nucleate boiling, corresponding to the flow regime transition from PDB to FDB. The departure from nucleate boiling (DNB) type CHF is observed, manifested by the wavy interface propagating from the far downstream to the upstream region, and the intensities of nucleate boiling and bubble recondensation are also identified as the dominant parameters in determining the occurrence of CHF. Charging time estimation reveals that the proposed method can achieve an 80 % charge for 100-kWh EV batteries in 98 s, while maintaining the cable wire temperature below the safety limit of 80 °C. This strongly supports its potential as a promising thermal management technique for future ultra-fast charging systems.