•A recently developed two-phase flow model was enhanced and extended for the simulation of ricochet and penetration of water entry bodies.•A coupling algorithm for the fluid-body interaction and moving overlapping grid modeling strategy is integrated into the flow solver.•Grid-independent studies of water entry problems of an inclined wedge and two cylinders are addressed.•Investigation of the ricochet of a circular cylinder off the water surface at various initial entry velocities and angles was performed. In this paper, the enhancement and application of the recently developed two-phase flow model for the simulation of ricochet and penetration of water entry bodies are presented. The simple two-phase three-equation model, which is a reduced version of the full two-fluid model for compressible multiphase flows, is extendedly applied. The numerical procedure is advanced by implementing the scheme on moving overset body-fitted grids to facilitate flow simulation of complex geometries and arbitrary motions of objects and improve computational productivity by employing their flexibility. A coupling algorithm for the fluid-body interaction and a moving overset grid modeling strategy are integrated into the flow solver. Validation with numerical grid refinement and convergence studies of water entry problems is addressed, and the capability and robustness of the present model in the accurate simulation of free surface and water-impact flows are demonstrated. The method was subsequently employed for the investigation of the ricochet of a circular cylinder off the water surface, through which the physical picture of the ricochet is more clearly observed. Display omitted