The working performance of the synchronal rotary multiphase pump (SRMP), alike other types of positive-displacement multiphase pumps, is strongly affected by leakage loss. In this paper, the leakage loss in the SRMP with a full range of inlet gas volume fractions (GVFs) was theoretically and experimentally investigated. The leakage flows in the SRMP were modeled as the one-dimensional gas–liquid flows through narrow gaps. Two types of leakage flow models, homogeneous leakage flow model (HLFM) and separated leakage flow model (SLFM), were developed. The experimental work was conducted to measure the volumetric flow rate of the SRMP using the mixtures of air and N32 oil as working fluids under various inlet GVFs and differential pressures. Comparisons between the simulated and experimental pump flow rates showed that both the accuracies of the HLFM and SLFM related to the inlet GVF. In addition to the differential pressure, the leakage loss of the SRMP was affected by the inlet GVF. The leakage flow rate increased with the inlet GVF due to the changes in physical properties of the gas–liquid leakage flow. Parametric analysis showed that leakage loss in the SRMP can be effectively reduced by reducing the rotor radial clearance without much effect on its mechanical efficiency, whereas the optimum geometric parameters of the rotor and cylinder must be calculated by means of the optimization study with consideration of both the leakage loss and friction loss.