Under casing annulus gas venting, the annulus of the well is in a special state of zero-net liquid flow (ZNLF), leading to gas production without liquid at the wellhead, resulting in significant holdup issues. Therefore, conventional two-phase flow models cannot be used for calculation. To study the flow characteristics of ZNLF in the annulus of the well, this study established a visual experimental device with a total height of 5.4 m, an outer pipe inner diameter of 140 mm, and an inner pipe outer diameter of 72 mm. The flow characteristics of ZNLF were studied by controlling the casing pressure, initial liquid level, and bottom gas injection rate. The experimental results showed that the flow patterns of ZNLF are mainly bubbly flow and churn flow. Bubbly flow occurred at lower gas rates, while churn flow occurred at higher gas rates. In addition, the experiment found that when the gas injection rate and initial liquid column height were controlled to be the same, the liquid holdup decreased as the casing pressure increased. Analysis of the data patterns indicated that the slip velocity is related to the casing pressure. Based on the experimental results of ZNLF in the annulus, this study established standards for flow pattern transitions, holdup, and a pressure drop calculation model. The model results showed good agreement with the experimental results, with errors not exceeding ±5%.