Steel fiber reinforced concrete (SFRC) is widely used in civil engineering. Investigating the mechanical properties and failure mechanisms of SFRC materials using mesoscopic models holds significant theoretical and practical importance. The bond-slip interaction between steel fibers and the cementitious matrix is crucial, yet current computational capabilities struggle to simulate the interactions among the numerous components within concrete containing a large number of steel fibers. This paper establishes an equivalent failure model to replace the bond-slip interaction. Based on this model, a multiphase mesoscopic model (including aggregates, the interfacial transition zone (ITZ), mortar, and steel fibers) is developed to predict the mechanical properties and failure modes of SFRC. The accuracy and validity of the model are verified by comparing the simulation results with the experimental results from four-point bending tests on SFRC beams, focusing on load-displacement curves, failure modes, and crack propagation. The results indicate that under load, the ITZ at the sharp edges of large aggregates in the SFRC beam is the first to be damaged, forming microcracks. Subsequently, these cracks bypass the large particles and propagate towards weaker regions with fewer steel fibers, forming macrocracks. At this stage, the steel fibers take over the load from the cementitious matrix and limit crack propagation. The simulated crack propagation trend and crack width during the loading process of the SFRC multiphase mesoscale model match well with the experimental observations. A higher fiber content can mitigate stress concentration within SFRC beams and enhance the fiber bridging effect, significantly improving the flexural load-bearing capacity and toughness of the beams. A smaller steel fiber inclination angle can effectively inhibit the propagation of vertical cracks, thereby increasing the load-bearing capacity and toughness of SFRC beams and extending the service life of the structure.