To keep the void fraction of two-phase hydrogen in the moderator cell of the cold neutron source (CNS) of China Advanced Research Reactor (CARR) to a specified range, an annular vessel with the same size as the actual moderator cell was used as test section. Deionized water and alcohol, sucrose, and sodium chloride solutions with different concentrations were used as working fluid to find out influences of physical properties, such as density, viscosity and surface tension, of the two–phase mixture on void fraction. The tests proved that the ratio of surface tension to density of liquid phase has great influence on void fraction: the larger the ratio, the smaller the void fraction. Since the ratio of surface tension to density of Freon 113 is lower than that of liquid hydrogen, Freon 113 can be used as a working fluid to study the void fraction in the two-phase hydrogen thermosiphon loop in the CNS of CARR and the results will be conservative.