The effect of channel inclination on the variation in the wall shear stress and the heat transfer in a two-phase bubbly flow in a rectangular channel is experimentally and numerically investigated. The wall friction was measured using the electrodiffusion method and the temperature was measured by tiny platinum resistance thermometers. The model is based on the system of RANS equations with account for the back influence of the bubbles on the flow characteristics. Flow turbulence is calculated according to the model of transport of the Reynolds stress tensor components. It is shown that in the gas-liquid flow the angle of the channel inclination to the horizon can have a considerable effect on the friction and the heat transfer. The greatest friction and heat transfer values correspond to the angles of channel inclination ranging from 30 to 50∘. In the inclined two-phase bubbly flow the shear stress enhancement on the wall amounts to 30% and that of the heat transfer to 15%. A friction and heat transfer reduction to 10 and 25%, respectively, is noticed in near-horizontal flows.