The present study investigated the effects of the experimental parameters on the cooling characteristics of the multichip module cooled by the indirect liquid cooling method using water, PF-5060, and paraffin slurry. The experimental parameters were coolants including Paraffin slurry with mass fraction of 2.5~7.5%, heat flux of 10~40W/$ extrm{cm}^2$ for the simulated VLSI chips and Reynolds numbers of 3,000~20,000. The size of paraffin slurry was constant as 10~40${mu}{ extrm}{m}$ before and after the experiment. The chip surface temperatures for paraffin slurry were lower than those for water and PF-5060. The local heat transfer coefficients for the paraffin slurry were larger than those for water and the local heat transfer coefficients reached a row-number-independent and thermally-fully-developed value approximately after the third row. The local Nusselt numbers for paraffin slurry with a mass fraction of 7.5% were larger by 20~38% than those for water. The paraffin slurry with a mass fraction of 5% shelved the best thermal and hydrodynamic characteristics when local heat transfer and pressure drop were considered simultaneously.