A closed-loop two-phase thermosyphon can transport a large amount of thermal energy with small temperature differences without any external power supply. A fundamental investigation of flow and heat transfer characteristics was performed experimentally and theoretically using water, ethanol and R113 as the working liquids. Heat transfer coefficients in an evaporator and a condenser, and circulation flow rates were measured experimentally. The effects of liquid fill charge, rotation angle, pressure in the loop and heat flux on the heat transfer coefficients were examined. The heat transfer coefficients in the evaporator and the condenser were correlated by the expressions for pool boiling and film condensation respectively. As a result, the heat transfer coefficients in the evaporator were correlated by the Stephan-Abdelsalam equations within a±40% error. Theoretically, the circulation flow rate was predicted by calculating pressure, temperature, quality and void fraction along the loop. And, the comparison between the calculated and experimental results was made.