In this work, the working mechanism of the CO 2 − H 2 O flow corrosion of mild carbon steel is investigated by a twodimensional simulation. Three models including a mass transfer model, an electrochemical model, and a convection−diffusion model are integrated to study the comprehensive working mechanisms. Several factors including temperature, pH, CO 2 partial pressure, and flow velocity are considered. The results show that the flow corrosion increases with increasing temperature, decreasing pH or increasing CO 2 partial pressure. As the temperature reaches above 60 °C, H 2 O reduction of the cathode becomes significant in the CO 2 −H 2 O flow corrosion. The cathode reaction of the corrosion at low pH is dominated by H + reduction and sensitive to flow velocity, while with the increase of pH, H 2 CO 3 plays an obvious buffer role to supplement H + . The effect of the flow velocity on CO 2 −H 2 O flow corrosion increases with the temperature, where the flow turbulence is found to play an important role in promoting corrosion enhancement.