Aiming at the need of high sensitivity flow velocity and temperature sensor in ocean research, an optical fiber sensor for the simultaneous measurement of seawater velocity and temperature was proposed by coupling a reflective Panda fiber polarization interferometer with a hollow cylindrical cantilever, which combining the stress sensitivity of Panda fiber and optical vernier effect to achieve simultaneous measurement and sensitization of flow velocity and temperature. Firstly, the theoretical formulas of velocity sensitivity and temperature sensitivity were obtained by theoretical derivation and finite element simulation. Secondly, a velocity and temperature measurement system was established experimentally, and the maximum velocity sensitivity was –233.86 nm/(m/s) at 0.42 m/s with the mean relative error compared with the theoretical sensitivity was 3.8 %, the maximum temperature sensitivity was −14.5 nm/(°C) with the mean relative error compared with the theoretical sensitivity was 8 %. Finally, nine different sets of seawater velocity and temperature were measured using the sensitivity matrix and compared with the Acoustic Doppler Velocimetry and Conductivity-Temperature-Depth meter, the mean relative error of velocity and temperature measurement results were 2.8 % and 2 %, respectively. The optical fiber sensor based on the cantilever is expected to play an important role in the field of ocean flow field measurement because of high sensitivity and the ability to measure velocity and temperature simultaneously.