Particle image velocimetry was employed to investigate the impact of convergent–divergent riblets on turbulent boundary layers in both clear water and liquid–solid two-phase flow fields containing 155 μm polystyrene particles. The turbulence statistics such as turbulence intensity and Reynolds stress were investigated. The spatial topology of spanwise vortex head and the development and evolution process of hairpin vortices were explored from Euler and Lagrange perspectives, respectively. Additionally, the particle distribution, concentration, and dispersion within the turbulent boundary layer were statistically analyzed. The results indicated that the boundary layer thickness, friction resistance, integrated turbulence intensity, and Reynolds stress were significantly lower on divergent riblet walls compared to convergent riblet walls. Notably, divergent riblets with a yaw angle of 30° exhibited the best drag reduction effect in both single-phase and two-phase flow fields. The addition of particles resulted in an increase in boundary layer thickness but effectively reduced turbulent fluctuations in the logarithmic region, enhancing drag reduction. This extended the drag reduction range of divergent riblets to a yaw angle of 45°, increasing the maximum drag reduction rate to 26.18%. Through spatial multi-scale local average structure function and finite-time Lyapunov exponent field analysis, it was found that the 30° divergent riblet wall significantly inhibited the development of vortex structures and reduced momentum exchange within the boundary layer. Conversely, the 30° convergent riblet wall had the opposite effect, while the particle phase inhibited the development of all wall turbulent structures. Analysis of particle concentration variations within different regions of the turbulent boundary layer revealed that as the normal height of the boundary layer increased, particle concentration gradually increased, and particle dispersion decreased accordingly. The analysis further showed that particle dispersion was mainly influenced by flow structures, whereas concentration was significantly affected by turbulence intensity. These findings elucidate the effect of the flow field on the particle phase and provide insights into the interaction mechanism between the flow field and particles.