Membrane contactor has emerged as a promising technology for flue gas carbon capture as it integrates the advantages of high capture efficiency of absorption technology and compact design of membrane technology. However, the integration performance could be affected by the presence of minor components such as water vapor and residual oxygen in real gas conditions, owing to vapor condensation and dynamic oxidation in gas‐liquid transfer interface. Therefore, it remains a need to develop a model that enables the prediction of CO2 removal performance of membrane contactor under industrial real gas conditions. In the present study, a multicomponent model considering the impact of water vapor and oxygen on CO2 removal in membrane contactors was developed. The model, based on mass transfer equilibrium, gas reaction kinetics, and diffusion coefficients, describes the transport and reaction dynamics of multicomponent gases within the gas, liquid, and membrane phases. Utilizing the finite element method (FEM) for solution, the model was demonstrated with a case study of CO2 separation from a quaternary gas mixture by a hollow fiber membrane contactor (HFMC). The results highlight the importance of considering water vapor and oxygen in the design and evaluation of industrial membrane contactor systems, offering valuable insights for enhancing CO2 separation efficiency in practical applications. © 2024 Society of Chemical Industry and John Wiley & Sons, Ltd.