Cereal-legume intercrops have numerous advantages over monocultures. However, the intercrop’s performance depends on the plant genotypes, management, and environment. Process-based agro-ecosystem models are important tools to evaluate the performance of intercrop systems as field experiments are limited in the number of treatments. The objective of this study was to calibrate and evaluate a new process-based intercrop model using an extensive experimental data set and to test whether the model is suitable for comparing intercrop management strategies. The data set includes all combinations of 12 different spring wheat entries (SW, Triticum aestivum L.) with two faba bean (FB, Vicia faba L.) cultivars, at two sowing densities, in three different environments. The results show that the intercrop model was capable of simulating the absolute mixture (intercrop) effects (AME) for grain yield, above-ground biomass, and topsoil root biomass, for both crops. However, the intercrop model does not perform better than a benchmark that ignores the intercrop effects when simulating plant height, fraction of intercepted radiation, volumetric soil water content, and subsoil root biomass. The intercrop model predicted reasonably well the differences between species and between SW cultivars for grain yield and aboveground plant biomass. Overall, the tested process-based model can be a useful tool for designing and pre-evaluation multiple combinations of crop management, species, and cultivars suitable for intercropping in diverse conditions.