The study and modelling of two-phase flow remains a challenge that requires exploring the physical phenomena from different spatial and temporal resolution levels, even for the simplest regime such as bubbly flow. Computational Fluid Dynamics (CFD) is a widespread and promising tool for modelling, but nowadays, there is no single approach or method to predict the dynamics of these systems providing enough precision of the results. The inherent difficulties of the events occurring in this flow, mainly those related with the interface between phases, makes that low or intermediate resolution level approaches as system codes (RE-LAP, TRACE, etc.) or 3D TFM (Two-Fluid Model) have significant issues to reproduce acceptable results, unless well-known scenarios and global values are considered. Instead, methods based on high resolution level such as Interfacial Tracking Method (ITM) or Volume Of Fluid (VOF) require a high computational effort that makes unfeasible its use in complex systems. Regarding the simulations with system codes as RELAP or TRACE, I am grateful to Prof. Dr. Rafael Miró and Consuelo Gómez-Zarzuela from the UPV for the help in the simulations and developments performed. Many people have contributed either directly or indirectly to this study. Fortunately, the list is so long that I can't write it down all, but I am grateful to my colleges in the Department of Chemical and Nuclear Engineering at UPV, especially toÁlvaro Bernal, Carles Mesado and Nicolás Olmo. And, of course, thanks to all my colleges in the Chiva's group at UJI. Furthermore, I have to give a special 9 thanks to my parents, brother, sister-in-law (also to the little Lucas) and to my girlfriend Dr. Carmen Díaz for her love. Finally, I hope that readers will find this work interesting and I should like to conclude begging that the defects in a subject so difficult be not so much reprehended as kindly supplied, and investigated by new endeavours of my readers.