The study of gas–liquid two-phase flow and heat transfer in non-Newtonian fluids is of great significance for the research and development of refrigeration and energy storage. In this paper, the characteristics and influencing factors of the phase change reaction in microalgae slurry were studied by numerical simulation and experimental verification. In order to further study the rheological and heat transfer characteristics of gas–liquid two-phase flow in the collector, the effects of wall heat flux, inlet velocity and microalgae slurry concentration on the phase change reaction in microalgae slurry were studied. The results show that when the boundary conditions of microalgae slurry with the same concentration change, the phase transition of microalgae slurry is different. The higher the wall heat flux, the more forward the phase transition occurs, and the smaller the flow rate, the more forward the phase transition occurs. When the boundary conditions remain unchanged, the phase transition point of microalgae slurry with different concentrations is the same, and the concentration of microalgae slurry will not be affected. However, the deviation between the fluid temperature and the thermal conductivity of high-concentration fluid after phase change is larger than that of low-concentration fluids. The deviation in the fluid temperature reaches approximately 10 K, and the deviation in thermal conductivity reaches approximately 0.025 W/(m·K). Therefore, the change in the fluid temperature and heat transfer intensity after phase change in microalgae slurry is more intense than that of Newtonian fluids.