The research of lubrication oil flow on gas/liquid two-phase flow is necessary in the designing process of engine bearing. It influences the consequent design and the whole engine’s reliability. This paper proposes the two-phase homogenous flow model considering lubrication oil and air. Based on the homogenous flow model, the Navier-Stokes equations is solved by the methods of the turbulent model and Finite Differential Method (FDM) to obtain the flow field and the influence of conditional and structural parameters on the flow. With the results, the results from single flow model and two-phase homogenous flow are compared. And the effects of air volume fraction, rotor speed and lubrication oil speed at entrance on exit pressure and speed are discussed.