The examinations of the operating mechanism of an oscillating capillary tube heat pipe (OCHP) using the visualization method revealed that the working fluid in the OCHP oscillated to the axial direction by the contraction and expansion of vapor plugs. The contraction and expansion were due to the formation and extinction of bubbles in the evaporating and condensing part, respectively The actual physical mechanism, whereby the heat which was transferred in such an OCHP was complex and not well understood. In this study, a theoretical model of the OCHP was developed to model the oscillating motion of working fluid in the OCHP. The differential equations of two-phase flow were applied and simultaneous non-linear partial differential equations were solved. From the analysis of the numerical results, it was found that the oscillating motion Of working fluid in the OCHP was affected by the operation and design conditions such as the heat flux, the charging ratio of working fluid and the hydraulic diameter of flow channel. The simulation results showed that the proposed model and solution could be used for estimating the operating mechanism in the OCHP.