This paper presents a study on heat transfer in two-phase mixtures (air–water and air–oil) flowing through heated horizontal channels filled with open-cell aluminum foams characterized by porosities of 92.9–94.3% and pore densities of 20, 30, and 40 PPI. The research included mass flux densities ranging from 2.82 to 284.7 kg/(m2·s) and heat flux densities from 5.3 to 35.7 kW/m2. The analysis examined the effects of flow conditions, fluid properties, and foam geometry on the intensity of heat transfer from the heated walls of the channel to the fluid. Results indicate that the heat transfer coefficient in two-component non-boiling flow exceeds that of single-phase flow, primarily due to fluid properties and velocities, with minimal impact from flow structures or foam geometry. An assessment of existing methods for predicting heat transfer coefficients in gas–liquid and boiling flows revealed significant discrepancies—up to several hundred percent—between measured and predicted values. To address these issues, a novel computational method was developed to accurately predict heat transfer coefficients for two-component non-boiling flow through metal foams.