For the development of 45w%Pb-55w%Bi cooled direct contact boiling water small fast reactor (PBWFR), experimental study on Pb-Bi-water direct contact boiling two-phase flow has been performed using Pb-Bi-water direct contact boiling two-phase flow loop. For stable start-up of the boiling flow operation, Pb-Bi single-phase natural circulation must be realized in a Pb-Bi flow system of the loop before water injection into Pb-Bi. The Pb-Bi flow system consists of a four-heater-pin bundle, a chimney, an upper plenum, a level meter tank, a cooler, and an electromagnetic flow meter. A stable Pb-Bi single-phase natural circulation was realized in the range of flow rate from 1.5 l/min to 4.8 l/min by heating Pb-Bi in the heater-pin bundle with a power up to 7.7 kW. The inlet and outlet temperatures of the heater bundle were in the ranges from 243°C to 278°C, and from 251°C to 278°C, respectively. The natural circulation flow was simulated analytically using one-dimensional flow model including frictional, form and drag forces. Total hydraulic head through the loop were calculated from Pb-Bi densities at measured Pb-Bi temperatures in the loop. It was found that the calculated flow rate agreed well with the measured ones, which indicated the validity of the analytical models.