Two-phase flow is commonly used in many aspects of industrial production, such as the mixed transport of oil and gas in petroleum exploitation and the feeding of coal powder or coal water slurry to coal-fired boilers. In these situations, it is necessary to measure the two-phase flow in real time and then adjust various parameters in order to achieve high efficiency, energy-saving, and safe production. The ultrasonic method is widely used to measure two-phase flow because of its various measurement approaches, wide range of measurable parameters, insignificant effect on the flow field, and its capacity for continuous online measurement. In this Review, the principles, characteristics, application scope, and research examples of different ultrasonic methods used in two-phase flow measurement are summarized, their advantages and disadvantages are compared, and the future development trends are forecast, which will play a positive role in the development of two-phase flow measurement.