Amidst the background of “double carbon”, energy saving and emission reduction is a popular direction in the current refrigeration industry. Therefore, the research on the boiling heat transfer of gas−liquid two-phase flow is helpful to strengthen the heat transfer and design a more efficient heat exchanger. In this paper, a research method combining numerical simulation and experimental verification is adopted. Firstly, an experimental platform used for the subcooled flow boiling of refrigerant in casing tubes is introduced and experiments are carried out to obtain experimental data, which provides a theoretical basis for the development of numerical simulation and verifies the feasibility of numerical simulation. A numerical model of subcooled flow boiling in R22 was established and the grid independence test was carried out. Based on the simulation results, three factors affecting the boiling heat transfer of R22 are analyzed: First, the boiling heat transfer coefficient of R22 increases with the increase of the mass flow rate of R22, but the increase decreases when the mass flow rate increases from 0.018 kg/s to 0.020 kg/s. Second, the boiling heat transfer coefficient of R22 increases significantly with the increase of hot water flow rate. Third, the influence of R22 subcooling on boiling heat transfer is more complex. When the subcooling is 5 °C and 1 °C, heat transfer can be enhanced; high subcooling at 5 °C can enhance convective heat transfer and low subcooling at 1 °C can accelerate the arrival of saturated boiling. In this paper, three kinds of bubble behaviors affecting heat transfer in supercooled flow boiling, including sliding, polymerization, and bounce are also studied, which provides a basis for further research on heat transfer mechanism of supercooled flow boiling.