Oil and gas pipeline leakage accidents caused by aging and third-party damage have increased, resulting in polluting the ecological environment and jeopardizing life and property safety. A detailed and systematic investigation on the leak characteristics of oil and gas two-phase pipelines is significantly urgent. The leak experiments were performed on a horizontal tube with a diameter of 32 mm. There was a 3 mm round leakage hole at the bottom of the tube. The distance of the leakage hole from the pipe inlet was 4.8 m. Three inlet flow patterns, including stratified flow, slug flow, and annular flow via adjusting the gas superficial velocity (1.73 m/s ≤ USG ≤ 24.19 m/s) and liquid superficial velocity (0.017 m/s ≤ USL ≤ 0.415 m/s), were obtained. The conclusions point out that the type of leakage, whether it is mainly liquid or both gas and liquid, depends on the USG. The degree of phase separation in stratified flow is the greatest among the three inlet flow patterns, with a maximal phase separation efficiency (η) of 0.403. Slug flow has the least phase separation degree. Interestingly, the η is directly proportional to the inlet mass fraction only for slug flow. The harmonic frequency that appeared in the power spectral density curves for the pressure difference of leakage hole in slug flow, indicates that leakage is not a standard periodic event. The liquid velocity loss is primarily related to the gas leakage mechanism. These findings can provide new insights into two-phase pipeline leak detection and accident consequence prediction.