The subsea jumper has become an essential part of subsea production systems as a gas–liquid mixing pipeline connecting the pipeline end manifold (PLEM) to the Christmas tree. During oil and gas transportation, as a common flow pattern, the alternating flow characteristics of the slug flow easily cause pipeline vibration, resulting in pipeline instability or fatigue damage. The present study investigates experimentally and numerically the slug flow characteristics in the subsea M-shaped jumper and its induced vibrations of the jumper. The flow pattern evolution and slug characteristics of the inner slug flow under different gas–liquid velocities are obtained: the slug frequency and slug velocity, as well as the pressure fluctuation and vibration characteristics caused by the slug flow. The results show that the pressure fluctuations in the front and rear parts of the M-type jumper are obviously different. With the increase in the air–water mixing, the two characteristics, the slug frequency, and the slug velocity also increase. The gas velocity has a greater influence on the slug frequency than the liquid velocity. The slug length decreases as the slug frequency increases. Furthermore, numerical simulations under various experimental conditions are carried out. The results show that the simulation results of the pressure data, the slug characteristics, and the induced vibration amplitude are in good agreement with the experimental data.