Conceptual design and safety analysis were performed for Pb-Bi Cooled Direct Contact Boiling Water Fast Reactor (PBWFR). Steels were surface-treated using sputtering method with Al and SUS304 targets for compatibility with Pb-Bi. The steels were corrosion-resistant in Pb-Bi at 700℃. Pb-Bi-water direct contact boiling two-phase flow in PBWFR was simulated numerically and experimentally. Measured void fraction could be described by modified drift flux model.