This study has been carried out to investigate the hydrodynamic stabilities of natural circulation and to analyze Critical Heat Flux (CHF) characteristics for the natural and forced circulation. A low pressure experimental loop was constructed, and experiments under various conditions have been performed. In the experiments of the natural circulation, flow oscillations and the average mass flux have been observed. Several parameters such as heat flux, the inlet temperature of test section, friction valve opening and riser length have been varied in order to investigate their effects on the flow stability of the natural circulation system. The results show that the flow instability has strongly dependent on geometric conditions and operating parameters, the inlet temperature and the heat flux of test section. It was found that unstable region for the heat flux and the inlet temperature exists between the single-phase stable region of low heat and low inlet temperature and the two-phase stable region of very high heat flux and high inlet temperature. The CHF data from the natural and forced circulation experiments have been compared each other to identify the effects of the flow instabilities on the CHF for the natural circulation mode. The test conditions were low flow less than 70 kg/m$^2$s of water in vertical round tube with diameter of 0.008m at near atmospheric pressure. In this study, no difference in CHF values is observed between natural and fored circulation. Since low flow usually has the oscillation characteristic of relatively low amplitude and high frequency, the effect of the flow instabilities on the CHF seems to be negligible.