This research studied the performance of a spindle‐controlled steam ejector using models such as ideal gas and wet steam under various operating conditions based on computational fluid dynamics (CFD). A wet steam model incorporating nonequilibrium condensation was employed to simulate the complex flow phenomena within the ejector. The structure of the flow, entrainment ratio (Er), and shock wave characteristics of the steam ejector were examined in two different models. Results indicate that the spindle position has a substantial impact on steam ejector performance. For the ideal gas and wet steam models, the optimal spindle position (SP‐5) at a .1 MPa motive pressure achieves the highest entrainment ratios (Er) of 1.01 and 1.042, respectively. However, an ejector with a fixed geometry achieves Er values of only .517 and .549 for the ideal gas and wet steam models, under identical working conditions. This represents a substantial improvement of 89.8% over the fixed‐geometry ejector. The wet steam model consistently predicts 2%–4% higher Er values compared with the ideal gas model across all spindle positions. The study also reveals that increasing the motive pressure from .1 to .3 MPa reduces Er by up to 45.8% at the optimal spindle position, with the shock train length extending to 35% of the mixing chamber at .3 MPa. These findings offer insights for improving the design and optimization of variable‐geometry steam ejectors, potentially increasing efficiency in industrial applications.