Flashing flows of initially sub-cooled water in a converging−diverging nozzle is investigated numerically in the framework of the two-fluid model (TFM). The thermal non-equilibrium effect of phase change is considered by an interfacial heat transfer model, while the pressure jump across the interface is ignored. The bubble size distribution induced by nucleation, bubble growth/shrinkage, coalescence, and breakup is described based on the interfacial area transport equation (IATE) and constant bubble number density model (CBND), respectively. The results are compared with the experimental data. Satisfactory prediction of the axial pressure distribution along the nozzle as well as the flashing inception, is achieved by the TFM-IATE coupling method. It was also found that the vapor production in the diverging section was overpredicted, and the radial gas volume fraction distribution deviated from the experiment. The radial diameter profiles exhibit opposite patterns at the nozzle throat and near the outlet, and similar trends can be observed for the superheated degree. A poly-disperse method is suggested to be introduced to describe the evolution of interfacial area concentration.