SummaryWe present a fully‐explicit, iteration‐free, weakly‐compressible method to simulate immiscible incompressible two‐phase flows. To update pressure, we circumvent the computationally expensive Poisson equation and use the general pressure equation which is solved explicitly. In addition, a less diffusive algebraic volume‐of‐fluid approach is used as the interface capturing technique and in order to facilitate improved parallel computing scalability, the technique is discretised temporally using the operator‐split methodology. Our method is fully‐explicit and stable with simple local spatial discretization, and hence, it is easy to implement. Several two‐ and three‐dimensional canonical two‐phase flows are simulated. The qualitative and quantitative results prove that our method is capable of accurately handling problems involving a range of density and viscosity ratios and surface tension effects.