In the process of high-frequency operation, the key components and systems of amusement equipment are facing the risk of excessive temperature, posing a certain threat to the safe operation of the equipment. Therefore, temperature monitoring and cooling of key components and systems are extremely important. As an efficient cooling technology, spray evaporation cooling system has been paid more and more attention. The characteristics of the inner and outer flow fields of the nozzle are closely related to the cooling effect as the core equipment of the spray system. In this paper, the spray characteristics in the external flow field and the two-phase flow characteristics in the internal flow field of an air-assisted atomization nozzle were studied by means of experimental measurement and numerical simulation. The results show that the gas and liquid phases inside the nozzle are fully mixed, and under the pressure of the gas phase, the liquid working fluid is sprayed out from the outlet and atomized into droplets. The volume fraction of liquid working fluid inside the nozzle is about 0.5%, indicating that the utilization rate of the liquid phase working medium is high. Under experimental conditions, the SMD of droplets is less than 75 µm and is in the micro-mist level range, indicating that the spray will not affect key components and systems of the amusement equipment.