Frazil particles, ice crystals or slushy granules that form in turbulent water, change the freezing properties of ice to create “frazil ice”. To understand the microstructural characteristics of these particles and the physical properties of frazil ice in greater depth, an in situ sampler was designed to collect frazil particles in the Yellow River. The ice crystal microstructural characteristics of the frazil particles (morphology, size, air bubble, and sediment) were observed under a microscope, and their nucleation mechanism was analyzed according to its microstructure. The physical properties of frazil ice (ice crystal microstructure, air bubble, ice density, and sediment content) were also observed. The results showed that these microstructures of frazil particles can be divided into four types: granular, dendritic, needle-like, and serrated. The size of the measured frazil particles ranged from 0.1 to 25 mm. Compared with columnar ice, the crystal microstructure of frazil ice is irregular, with a mean crystal diameter less than 5 mm extending in all directions. The crystal grain size and ice density of frazil ice are smaller than columnar ice, but the bubble and sediment content are larger.