In this paper, mathematical models and numerical algorithm are conducted for simulating compressible two-phase multi-component reactive flows, coupling with the finite-rate-based chemistry and the instantaneous-equilibrium phase transition model. Distinctive from previous multi-component two-phase governing equations, all volume fraction transport equations, with non-conservative characteristics, of gaseous components are substituted with a thermal equilibrium assumption inside the gaseous mixture for closure. Moreover, based on the temperature polynomial (NASA-7) fitted gas properties and the stiffened gas equation of state (SG-EOS) described liquid properties, the instantaneous-equilibrium phase transition model is re-derived, and the solving strategy of the transient phase transition model is detailly provided using an algebraical approach rather than the iterative process. Having included these elements, the proposed model is validated on three canonical tests, first for pure reactive flows, second for pure two-phase flows, and third for complex compressible multi-component two-phase reactive flows with phase transition effects: hydrogen-oxygen detonation interacting with a water droplet. The cases have well demonstrated the proposed model capability and the expected fluid physics in both the multiphase and reactive flows are reproduced.