•Fully compressible multiphase model for simulating compressible interfacial flows.•A fully conservative hyperbolic system is solved based on the riemann solver.•Conceptually simple but robust and versatile numerical procedure.•Oscillation-free behavior near contact discontinuity.•Multiphase flows with both shock waves and dynamics of interfaces. We propose a fully compressible multiphase model for simulating compressible interfacial flows. The mathematical model is formulated on the basis of the typical conservation laws for mixtures, including mass, momentum, and energy balance. The mass balance equation in each phase is considered to discretely conserve the mass of each phase; therefore, it is always mass conservative for each phase. The numerical solution procedure for this model is developed using a high-resolution shock-capturing finite-volume method based on the Harten–Lax–van Leer-contact (HLLC) Riemann solver and total variation diminishing (TVD) time-integration schemes for simulating unsteady multiphase flows and capturing strong shocks. The finite-volume Riemann solver is combined with a monotonic upstream-centered scheme for conservation laws (MUSCL) and compressive limiters to maintain a sharp interface. The numerical framework yields a conceptually simple but robust and versatile numerical procedure. Numerical results of benchmark Riemann problems demonstrate the ability of the proposed method to obtain sharp interfaces, free of spurious oscillations, high accuracy, conservation properties, and thermodynamic consistency over various Mach numbers. Display omitted