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The numerical simulation of thermalhydraulic processes in nuclear power plants requires very accurate and extremely fast algorithms for calculating the thermophysical properties of water and steam. In order to provide such algorithms, the International Association for the Properties of Water and Steam (IAPWS) has adopted the new “IAPWS Guideline on the Fast Calculation of Steam and Water Properties with the Spline-Based Table Look-Up Method (SBTL)”. In this article, the SBTL method is applied to property functions of specific volume and specific internal energy (v,e) based on the scientific formulation IAPWS-95 and the latest IAPWS formulations for transport properties. From the newly generated SBTL functions, thermodynamic and transport properties as well as their derivatives and inverse functions are calculable in the fluid range of state for pressures up to 100 MPa and for temperatures up to 1273 K, including the metastable liquid and the metastable vapor regions. The SBTL functions reproduce the underlying formulations with an accuracy of 10–100 ppm and significantly reduced computing times. The SBTL method has been implemented into the nuclear reactor system safety analysis code RELAP-7 [2] to consider the real fluid behavior of water and steam in a novel 7-equation two-phase flow model.