With a particular focus on the characterization of gas–liquid Taylor flow in individual channels of monolithic beds, a micro double-tip conductivity probe was developed for the measurements and characterization of bubble dynamics in capillary two-phase flows. The Taylor flow hydrodynamics in vertical capillaries with a circular cross section of 2.98 mm in hydraulic diameter was investigated including flow regime, bubble rise velocity, and liquid slug length in a wide range of gas and liquid superficial velocities. It is demonstrated that the micro double-tip conductivity probe method is suitable for identifying flow regimes in small-scale capillaries and measuring bubble dynamic parameters of the Taylor flow. Furthermore, variation trends of bubble rise velocity and frequency, and liquid slug length with varying gas and liquid superficial velocities in the Taylor flow regime are demonstrated. Based on the experimental data, correlations for prediction of the above parameters were obtained.