In the development of ultrasound localization microscopy (ULM) methods, appropriate test beds are needed to facilitate algorithmic performance calibration. Here, we present the design of a new ULM-compatible microvascular phantom with a forked, V-shaped wall-less flow channel pair ( 250 μ m channel width) that is bifurcated at a separation rate of 50 μ m/mm. The lumen core was fabricated using additive manufacturing, and it was molded within a polyvinyl alcohol (PVA) tissue-mimicking slab using the lost-core casting method. Measured using optical microscopy, the lumen core's flow channel width was found to be 252 ± 15 μ m with a regression-derived flow channel separation gradient of 50.89 μ m/mm. The new phantom's applicability in ULM performance analysis was demonstrated by feeding microbubble (MB) contrast flow (1.67 to 167 μ L/s flow rates) through the phantom's inlet and generating ULM images with a previously reported method. Results showed that, with longer acquisition times (10 s or longer), ULM image quality was expectedly improved, and the variance of ULM-derived flow channel measurements was reduced. Also, at axial depths near the lumen's bifurcation point, the current ULM algorithm showed difficulty in properly discerning between the two flow channels because of the narrow channel-to-channel separation distance. Overall, the new phantom serves well as a calibration tool to test the performance of ULM methods in resolving small vasculature.