Steam–water injectors have been widely applied in various industrial fields because of their compact and passive features. Despite its straightforward mechanical design, the internal two-phase condensing flow phenomena are extremely complicated. In present study, a numerical model has been developed to simulate steam–water interfacial characteristics in the injectors based on Eulerian–Eulerian multiphase model in ANSYS CFX software. A particle model is available for the interphase transfer between steam and water, in which a thermal phase change model was inserted into the model as a CFX Expression Language (CEL) to calculate interphase heat and mass transfer. The developed model is validated against a test case under a typical operating condition. The numerical results are consistent with experimental data both in terms of axial pressure and temperature profiles, which preliminarily demonstrates the feasibility and accuracy of particle model on simulation of gas–liquid interfacial characteristics in the mixing chamber of injector. Based on the dynamic equilibrium of steam supply and its condensation, interfacial characteristics including the variation of steam plume penetration length and steam–water interface have been discussed under different operating conditions. The numerical results show that steam plume expands with steam inlet mass flow rate and water inlet temperature increasing, while it contracts with the increase of water inlet mass flow rate and backpressure. Besides this, the condensation shock position moves upstream with the backpressure increasing.