For the analysis of transient two-phase flows in nuclear reactor components such as a reactor vessel, a steam generator, and a containment, KAERI has developed a three-dimensional thermal hydraulic code, CUPID. It adopts a three-dimensional, transient, two-phase and three-field model and includes various physical models and correlations of the interfacial mass, momentum, and energy transfer for the closure. In the present paper, the CUPID code and its two-phase flow models were assessed against the downcomer boiling experiment, which was performed to simulate the downcomer boiling phenomena. They may happen in the downcomer of a nuclear reactor vessel during the reflood phase of a postulated loss of coolant accident. The stored energy release from the reactor vessel to the liquid inside the downcomer causes the boiling on the wall, and it can reduce the hydraulic head of the accumulated water, which is the driving force of water reflooding to the core. The computational analysis using the CUPID code showed that it can appropriately predict the multidimensional boiling phenomena under a low pressure and low flow rate condition with modification of the bubble size model.