In order to understand the influences of various factors on the depressurization rate under small break LOCA occurring at the upper plenum in a natural circulation loop, a basic analysis has been carried out. It is shown that the depressurization rate is influenced by system pressure, back pressure, break area, water mass in the system, heating power, operational state of the second loop, and so on. Experimental results of flow and heat transfer are also presented in this paper. The experiment was carried out at the 5 MW nuclear heating reactor test loop HRTL-5. The transient processes are described and heat transfer coefficients are estimated. The results show that flashing improves the natural circulation and the heat transfer, so the wall temperature of the heated rod can be kept at a lower level and the reactor is safe. The flow oscillation, which leads to cyclical variations of important parameters, is described and its development mechanisms are studied. It is pointed out that the interaction of pressure decreasing and bubbles producing caused by flashing is the main reason of the flow oscillation.