Disclosed is device for calibrating oil-water two-phase flow sensor, the device includes a wellbore model, an oil-water separation mechanism, an oil-water mixing mechanism, an oil inlet mechanism and a water inlet mechanism, the oil-water separation mechanism has a mixture inlet, an oil outlet, and a water outlet. The beneficial effect of the technical scheme proposed in the disclosure is: the oil-water mixture flowing out of the wellbore model is separated by an oil-water separation mechanism, and the separated oil and water are introduced into the oil-water mixing mechanism through an oil inlet mechanism and a water inlet mechanism, respectively, for remixing, the oil-water mixture formed by re-mixing enters the wellbore model, and enters the next cycle, which can realize the reuse of oil and water, the miniaturization of the device, and reduction of the production cost of the device.