The paper presents the results of a study concerned with the hydrodynamics of an annular downward multiphase flow of gas and two mutually non-mixing liquids through a vertical pipe with a diameter of 12.5 mm. The air, oil and water were used as working media in this study with changes in superficial velocities in the ranges of jg = 0.34–52.5 m/s for air, jo = 0.000165–0.75 m/s for oil, and jw = 0.02–2.5 m/s for water, respectively. The oil density and viscosity were varied within the ranges of ρo = 859–881 kg/m3 and ηo = 29–2190 mPas, respectively. The research involved the identification of multiphase flow patterns and determination of the void fraction of the individual phases. New flow patterns have been identified and described for the gravitational flow conditions of a two-phase water–oil liquid and a three-phase air–water–oil flow. New flow regime maps and equations for the calculation of air, oil and water void fractions have been developed. A good conformity between the calculated and measured values of void fraction were obtained. The map for the oil–water–air three-phase flow is valid for the following conditions: j3P = 0.35–53.4 m/s (velocity of three-phase mixture) and oil in liquid concentration βo* = 0.48–94% (oil in liquid concentration). In the case of a downward annular oil–water two-phase flow, this map is valid for liquid mixture velocity jl = 0.052–2.14 m/s and βo* = 0.48–94%.