Large-eddy simulations have been conducted for two-phase flow (water and air) in a hydrocyclone using Two-Fluid (Euler–Euler) and Volume-of-Fluid (VOF) models. Subgrid stresses are modeled using a dynamic eddy–viscosity model, and results are compared to those using the Smagorinsky model. The effects of grid resolutions on the mean flow and turbulence statistics have been thoroughly investigated. Five block-structured grids of 0.72, 1.47, 2.4, 3.81, and 7.38 million elements have been used for the simulations of Hsieh’s 75 mm hydrocyclone Mean velocity profiles and normal Reynolds stresses have been compared with experimental data. Results of the two-fluid model are in good agreement with those of the VOF model. A fine mesh in the axial and radial directions is necessary for capturing the turbulent vortical structure. Turbulence structures in the hydrocyclone are dominated by helical vortices around the air core. Energy spectra are analyzed at different points in the hydrocyclone, and regions of low turbulent kinetic energy are identified and attributed to stabilizing effects of the swirling velocity component.