Although two-phase flows containing gas and water have received extensive attention, the pulsating pressurization effect of a two-phase fluid in a pipe is unclear and the influence of the gas-phase content has not been revealed. This paper discusses the pulsating pressurization of such a two-phase fluid. First, the two-phase Navier–Stokes equations are derived and an algorithm is developed based on MacCormack's method. The reliability of the algorithm is examined and validated using Poiseuille's theory and existing experimental two-phase flow data. Finally, the influence of several key factors is discussed, including the gas-phase fraction and pipe slenderness. Our results show that a significant pulsating supercharging phenomenon occurs when the gas-phase fraction is less than 10−3. When the gas-phase fraction is greater than this critical value, the pulsating supercharging effect decreases significantly with the increasing gas-phase fraction. The equivalent elastic modulus of the two-phase fluid rapidly decreases as the gas-phase fraction increases, and the pressure disturbance is absorbed by the gas bubbles, causing an apparent weakening of the pulsating supercharging effect. Thus, decreasing the gas-phase content can enhance the pulsating supercharging effect. The pipe slenderness has a very limited influence on the pulsating pressurization process, and the maximum reduction is only 7.3% for slenderness ratios of up to 2000. Moreover, we derive and propose a new mathematical expression for the inlet boundary that is applicable to gas–liquid two-phase flows. To our knowledge, this paper extends the pulsating pressurization range from the single-phase to two-phase fluid for the first time and reports different physical phenomena and regularity. The present research clarifies the pulsating pressurization phenomenon in two-phase flows, providing a valuable reference for pulsating pressurization design.