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Flotation process is a multi‐phase and multi‐scale complex flow system, in which hydrodynamics plays an indispensable role. In recent years, computational fluid dynamics (CFD) numerical simulation has gradually become a powerful tool for studying flotation. In this review, the theories of CFD numerical simulation in flotation research were reviewed, involving various turbulence models and multi‐phase flow simulation approaches. An attempt has been made to analyze and discuss the characteristics and applicability of different turbulence models and multi‐phase flow simulation approaches in flotation researches in detail. The CFD simulation of two commonly used flotation devices, that is, mechanically agitated flotation machine and flotation column, has been reviewed in detail. The detailed principles, operation, and hydrodynamic of flotation devices were discussed from the viewpoint of CFD. The advances made in CFD simulation for studying flotation process, including particle suspension, bubble dispersion, particle–bubble collision, attachment, and detachment subprocesses have been critically analyzed. Focused analysis was given on the influence mechanism of turbulence on the particle–bubble interactions. Finally, the gaps in the available literature are discussed and potential research directions are also proposed.