On-orbit Refueling of liquid xenon can prolong life of the electric propulsion system. Subcooled liquid xenon easily evaporates to form two-phase flow owing to reduction in pressure against continuing refueling. This paper investigates the steady flashing flow characteristics of xenon during the process of on-orbit refueling based on one-dimensional homogenous equilibrium model. Two phases are seen homogeneously without the discrepancy of pressure, temperature and velocity between liquid and vapor. One-dimensional fluid equations are discrete by the finite difference method. Distributions of pressure, dryness, void fraction, temperature and velocity are calculated in the condition of given inlet pressure, subcooling and mass flux. Effect of heat flux on two-phase flow is obtained. The results can help us better understand two-phase flow characteristics of xenon during the process of on-orbit refueling and design on-orbit refueling system of liquid xenon.