In this paper, we study the influence of quantum fluctuations (QFs) on the macroscopic quantum tunneling and self-trapping (ST) of a two-component Bose–Einstein condensate in a double-well trap. QFs are described by the Lee–Huang–Yang (LHY) term in the modified Gross–Pitaevskii (GP) equation. Employing the modified GP equation in a scalar approximation, we derive a dimer model using a two-mode approximation. The frequencies of Josephson oscillations and ST conditions under QFs are found analytically and proven by numerical simulations of the modified GP equation. The tunneling and localization phenomena are also investigated for the case of the LHY fluid loaded in a double-well potential.