In this study, a modified Cahn–Hilliard equation with a very simple format was proposed, which can be used to simulate immiscible multi-component/multiphase flow with a super large density ratio. In addition, based on this modified equation and the Navier–Stokes equations, an improved multiphase lattice Boltzmann flux solver (IMLBFS) has been proposed, and its computational ability has been tested by multiple numerical examples, including Laplace law, two bubbles merging, contact angle, bubble rising, and droplet splashing on a thin film. The results show that the proposed IMLBFS can simulate immiscible two-phase flow with a very large density ratio up to 1:5000 or 1:10 000 under various operating conditions, including the Reynolds number reaching 10 000. In addition, IMLBFS also has excellent features such as clear physical properties, freely adjustable source term strength, and effective suppression of mass loss.