This paper deals with the validation of the two-phase flow models of the CFD code NEPTUNEC-CFD using experimental data provided by the OECD BWR BFBT and PSBT Benchmark. Since the two-phase models of CFD codes are extensively being improved, the validation is a key step for the acceptability of such codes. The validation work is performed in the frame of the European NURISP Project and it was focused on the steady state and transient void fraction tests. The influence of different NEPTUNE-CFD model parameters on the void fraction prediction is investigated and discussed in detail. Due to the coupling of heat conduction solver SYRTHES with NEPTUNE-CFD, the description of the coupled fluid dynamics and heat transfer between the fuel rod and the fluid is improved significantly. The averaged void fraction predicted by NEPTUNE-CFD for selected PSBT and BFBT tests is in good agreement with the experimental data. Finally, areas for future improvements of the NEPTUNE-CFD code were identified, too.