Fluids in geothermal reservoirs are not necessarily in the single phase but is occasionally in the gas-liquid double phase. This study aims to collect fundamental knowledge about the analysis of tracer responses in a gas-liquid two-phase flow, with special attention paid to the movement of substances in the liquid-phase portion of the two-phase flow. A tracer test is conducted in a glass bead-filled layer, and then it is found that the conventional mixture-diffusion model fails to explain the outcome of the test conducted using the said very simple apparatus. The failure is attributed to the coexistence of high-saturation and low-saturation layers throughout the glass bead-filled layer, and a mathematical model is formulated, which is a development from the two-fractured-layer (TFL) model. It turns out that the mathematical model excellently describes the test result that the mixture-diffusion model fails to explain. In the numerical solution of this problem, the validity is confirmed of the use of the SIMPLEX method for the estimation of the effect of the numerical dispersion term of the third-order accurate finite upstream difference method, and of unknown parameters. 31 refs., 7 figs., 1 tab.