Anion exchange membrane (AEM) water electrolysis is a promising and inexpensive solution for hydrogen production and environmental problems. Owing to its low technical proficiency, AEM electrolysis necessitates high fidelity to improve its durability, reliability, and efficiency. Therefore, a CFD-based model for AEM electrolysis was developed to analyze the three-dimensional and two-phase phenomena inside the cell. The temperature, pressure, and gas generation profiles inside the cell were studied by combining electrochemical models with mass, momentum, and heat transfer models. Parameters were estimated using the experimental data from a high-accuracy model. The results showed that the applied voltage, which determined the exothermic/endothermic mode, significantly influenced the water electrolysis performance. Specifically, in the exothermic mode, with voltages exceeding the thermo-neutral voltage (1.48 V), the amount of hydrogen generated (15.53, 25.05, and 28.82 mol/m3 at 1.6, 1.8, and 2.0 V, respectively) was higher than that in the endothermic mode (4.78 mol/m3 at 1.45 V). However, the increased gas generation caused a rapid increase in the temperature and pressure drop inside the cell, which adversely affected durability. The model developed in this study can be used in experiments of various scales to optimize serpentine designs and commercial AEM electrolysis stack developments.