Predicting pump performance and ensuring operational reliability under two-phase conditions is a major goal of three-dimensional (3D) computational fluid dynamics (CFD) analysis of liquid/gas radial centrifugal pump flows. Hence, 3D CFD methods are increasingly applied to such flows in academia and industry. The CFD analysis of liquid/gas pump flows demands careful selection of sub-models from several fields in CFD, such as two-phase and turbulence modeling, as well as high-quality meshing of complex geometries. This paper presents an overview of current CFD simulation strategies, and recent progress in two-phase modeling is outlined. Particular focus is given to different approaches for dispersed bubbly flow and coherent gas accumulations. For dispersed bubbly flow regions, Euler–Euler Two-Fluid models are discussed, including population balance and bubble interaction models. For coherent gas pocket flow, essentially interface-capturing Volume-of-Fluid methods are applied. A hybrid model is suggested, i.e., a combination of an Euler–Euler Two-Fluid model with interface-capturing properties, predicting bubbly flow regimes as well as regimes with coherent gas pockets. The importance of considering scale-resolving turbulence models for highly-unsteady two-phase flow regions is emphasized.