A comprehensive model is developed to predict the steady-state and transient performance of the two-phase closed thermosyphon. One-dimensional governing equations for the liquid and vapor phases are developed using available correlations to specify the shear stress and heat transfer coefficients. Steady-state solutions agree well with thermosyphon flooding data from several sources and with film thickness data obtained in the present investigation. While no data are available with which to compare the transient analysis, the results indicate that, for most systems, the governing time scale for system transients is the film residence time, which is typically much longer than the times required for viscous and thermal diffusion through the film. The proposed model offers a versatile and comprehensive analysis tool which is relatively simple.