Flashing-driven natural circulation techniques have been widespreadly applied in advanced reactor designs due to its prominent advantages in the aspects of high reliability, cost-efficiency and inherent safety. However, flashing-induced instability probably occurs under certain conditions in a flashing-driven natural circulation system, which deserves comprehensive illustration. By using RELAP5 code, the behavior of a two-phase natural circulation system is investigated based on the experiment benchmark. Three instability flow modes formed by two typical flow instability mechanisms, along with stable single-phase flow and stable two-phase flow are identified and analyzed in this work. The effects of typical thermal boundaries and structural parameters on the instability thresholds are revealed as well.