A Holographic Multiphase Flowmeter permits reconstructing the type, size and distribution of Objects within a Multiphase Medium by analysis of the ultrasonic energy reflected from these Objects. If this Multiphase Medium is flowing through a pipe into which a preferred mode of ultrasonic energy is injected at a Reference location, and the amplitude of reflections from the current multiphase Objects at that location and the time it took after the last transmission for that reflected signal amplitude to arrive at the Receive transducer are recorded, it is possible to determine the velocity of the medium by measuring the travel time taken for these same Objects to arrive at a known distance downstream by correlating the same type of reflection data at this second Correlation location. Analysis of this data permits displaying type and size of the Objects in a graphic image showing their distribution within the liquid in real time.