The experiments in high‐pressure pipelines simulate the formation and fluid of hydrate under deep‐sea conditions, which has practical significance for the deep‐sea landfill of carbon dioxide (CO2) and the safe running of oil and gas pipelines. In this paper, pure water, white oil, CO2, and arquad 2C‐75 were used to study the formation and flow characteristics of CO2 hydrate in the oil–water system with the help of a loop device, and the growth morphology of hydrate was observed through the view‐window on the loop. The experimental results show that in the low water cut system without anti‐agglomerates, hydrate mainly forms on the surface of water droplets and the surface of the free water layer at the bottom of the loop. In the high water cut system, hydrate forms on the pipe wall in the form of hydrate film. Increasing water cuts can shorten the induction period of hydrate formation. Anti‐agglomerates in the oil–water system can inhibit the growth of hydrate film on the pipe wall effectively. Anti‐agglomerates can shorten the induction time of hydrate formation.