To investigate hydraulic and thermal characteristics of ice slurries in a circular tube, ice slurries were tested in a flow loop with a constant heat flux test section, for ranges of flow velocity, ice fraction and heat flux. Heat transfer coefficients and friction factors of ice slurries were calculated by measuring the outer wall temperatures of the test section and the pressure drops over the test section. Heat transfer coefficients of ice slurries were 9% higher than the heat transfer coefficients expected by Petukhov. Friction factors were about 4% lower than the friction factors expected by Petukhov. The effective thermal capacity of ice slurry with 12.8% ice fraction, was found to be about 3 times higher than the thermal capacity of water.