AbstractSolid‐particle motion and related transport phenomena in two‐phase flow are fluctuating processes in space and time. A deterministic method can describe only partially the intrinsic physics of these processes. In this paper, the fluctuations of the flow parameters are modelled by considering the spatial correlations, and a probabilistic computational method for two‐phase flow is presented. The probabilistic governing equations have been discretized in space using a finite volume method, and then solved by applying the Neumann expansion method. This last method is time efficient, and its convergence can be guaranteed even for large fluctuations. A liquid‐solid particle mixture flow in a circular pipe is taken as an example. Computational results illustrate the merit of the probabilistic approach for the prediction of two‐phase flow