The two-fluid (Euler–Euler) model and large-eddy simulation are used to compute the turbulent two-phase flow of air and water in a cyclonic flotation device known as an Air-Sparged Hydrocyclone (ASH). In the operation of ASH, air is injected through a porous cylindrical wall. The study considers a 48 mm diameter hydrocyclone and uses a block-structured fine mesh of 10.5 million hexagonal elements. The air-to-water injection ratio is 4, and a uniform air bubble diameter of 0.5 mm is specified. The flow field in ASH was investigated for the inlet flow rate of water of 30.6 L/min at different values of underflow exit pressure. The current simulations quantify the effects of the underflow exit pressure on the split ratio and the overall flow physics in ASH, including the distribution of the air volume fraction, water axial velocity, tangential velocity, and swirling-layer thickness. The loci of zero-axial velocity surfaces were determined for different exit pressures. The water split ratio through the overflow opening varies with underflow exit pressure as 6%, 8%, 16%, and 26% for 3, 4, 5, and 6 kPa, respectively. These results indicate that regulating the pressure at the underflow exit can be used to optimize the ASH’s performance. Turbulent energy spectra in different regions of the hydrocyclone were analyzed. Small-scale turbulence spectra at near-wall points exhibit f−4 law, where f is frequency. Whereas for points at the air-column interface, the energy spectra show an inertial subrange f−5/3 followed by a dissipative range of f−7 law.