Flow-induced vibration is an important concern to the designers of heat exchangers subjected to high flows of gases or liquids. Two-phase cross-flow occurs in industrial heat exchangers, such as nuclear steam generators, condensers, and boilers, etc. Under certain flow regimes and fluid velocities, the fluid forces result in tube vibration and damage due to fretting and fatigue. Prediction of these forces requires an understanding of the flow regimes found in heat exchanger tube bundles. Excessive vibrations under normal operating conditions can lead to tube failure. Relatively little information exists on two-phase vibration. This is not surprising as single-phase flow induced vibration; a simpler topic is not yet fully understood. Vibration in two-phase is much more complex because it depends upon two-phase flow regime, i.e. characteristics of two-phase mixture and involves an important consideration, which is the void fraction. The effect of characteristics of two-phase mixture on flow-induced vibration is still largely unknown. Two-phase flow experiments are much more expensive and difficult to carry out as they usually require pressurized loops with the ability to produce two-phase mixtures. Although convenient from an experimental point of view, air–water mixture if used as a simulation fluid, is quite different from high-pressure steam–water. A reasonable compromise between experimental convenience and simulation of steam–water two-phase flow is desired. This paper reviews known models and experimental research on two-phase cross-flow induced vibration in tube bundles. Despite the considerable differences in the models, there is some agreement in the general conclusions. The effect of tube bundle geometry, random turbulence excitations, hydrodynamic mass and damping ratio on tube response has also been reviewed. Fluid–structure interaction, void fraction modeling/measurements and finally Tubular Exchanger Manufacturers Association (TEMA) considerations have also been highlighted.