In nature and engineering applications, water jet plunging acts as a key process causing interface breaking and generating mixed-phase turbulence. In this paper, high-resolution numerical simulations of the plunging of a water jet into a quiescent pool were performed to investigate the statistical properties of mixed-phase turbulence, with a special focus on the closure problem of the Reynolds-averaged equation. We conducted phase-resolved simulations, with the air–water interface captured using a coupled level-set and volume-of-fluid method. Various cases were performed to analyse the effects of the Froude number and Reynolds number. The simulation results showed that the turbulence statistics are insensitive to the Reynolds number under investigation, while the Froude number influences the flow properties significantly. To investigate the closure problem of the mean momentum equation, the turbulent kinetic energy (TKE) and turbulent mass flux (TMF) and their transport equations were analysed further. It was discovered that the balance relationship of the TKE budget terms remained similar to many single-phase turbulent flows. The TMF is an additional unclosed term in mixed-phase turbulence over the single-phase turbulence. Our simulation results showed that the production term in its transport equation was highly correlated to TKE. Based on this finding, a closure model for the production term of TMF was further proposed.