The present review report introduces the existing analysis codes and physical modeling of two-phase flow associated with initiating event of HCDA in Liquid Metal Reactors for the effective study in the future, because the related research has not been systematically carried out in Korea compared with other areas. The description in this report is specifically addressed to the results yielded from careful review of the technical concepts on the two-phase flow modeling in the SAS2A code which was developed in ANL. The report is prepared in 2 parts based on the definite physical phenomena. The liquid slug and gas behavior models are main representations in the part (I) and (II), respectively. In this regard, it is expected that this report provide a fundamental knowledge on the two-phase flow model in LMR and, thus, contribute to establishment of the necessary HCDA analysis technology concerned with the LMR development in Korea.