A numerical model of transient two-phase flow and conjugate heat transfer in a vertical pipeline is presented in the present paper. The drift-flux model is used to describe the fluid flow in the pipeline. The modeling of transient conjugate heat transfer is based on a mathematical formulation in which the pipe wall and the fluid are assumed to be in local thermal equilibrium. The effect of the thermal capacity of the pipe wall is taken into account by an additional term in the energy equation for the fluid flow. Such an approach allows significant simplifying the problem and reducing the computer running time. Numerical simulations of blowdown of a pipeline/riser system were performed. The effect of the pipe wall on the flow behavior was investigated.