As the exploration and development of oil and gas focus more and more on deeper formation, hydraulic issues such as high-pressure water jet rock breaking, wellbore multiphase flow law, cuttings carrying efficiency, and hydraulic fracturing technique during the drilling and completion process have become the key points. To accomplish related researches, a high-pressure water jet multi-functional flow test system was designed. The following novel researches are carried out: study of high-pressure water jet characteristics under confining pressure, wellbore multiphase flow regime, hydraulic pressure properties of down hole tools during jet fracturing and pulsed cavitation jet drilling, and deflector's friction in radial jet drilling. The validity and feasibility of the experimental results provided by the system with various test modules have proved its importance in the research of the high-pressure water jet and well completion technology.