Flow velocity measurement was an important research of oil-gas-water three-phase flow parameter measurements. In order to satisfy the increasing demands for flow detection technology, the paper presented a gas-liquid phase flow velocity measurement method which was based on energy demodulation algorithm combing with time delay estimation technology. First, a gas-liquid phase separation method of oil-gas-water three-phase flow based on energy demodulation algorithm and blind signal separation technology was proposed. The separation of oil-gas-water three-phase signals which were sampled by conductance sensor performed well, so the gas-phase signal and the liquid-phase signal were obtained. Second, we used the time delay estimation technology to get the delay time of gas-phase signals and liquid-phase signals, respectively, and the gas-phase velocity and the liquid-phase velocity were derived. At last, the experiment was performed at oil-gas-water three-phase flow loop, and the results indicated that the measurement errors met the need of velocity measurement. So it provided a feasible method for gas-liquid phase velocity measurement of the oil-gas-water three-phase flow.