The study of two-phase blood flow through mathematical modelling and numerical simulation provides a comprehensive framework for understanding the complex interactions between plasma and cellular components, primarily red blood cells (RBCs), within the cardiovascular system. Blood exhibits non-Newtonian behavior and behaves as a suspension, making two-phase modeling essential for accurately capturing its rheological properties, especially in microcirculation. This research integrates fluid dynamics and numerical techniques to simulate the coupled flow behavior of plasma (as a continuous phase) and RBCs (as a dispersed phase) using governing equations based on Navier-Stokes formulations and volume fraction continuity. Key parameters such as viscosity, density, and shear rate are incorporated to examine flow resistance, hematocrit distribution, and velocity profiles under physiological conditions. Finite volume and finite element methods are employed for numerical simulation, ensuring precision in spatial and temporal resolution. The model also accounts for vessel geometry and flow pulsatility to better represent in vivo scenarios. Such an approach allows for detailed investigation of pathophysiological states like anemia, thrombosis, or sickle cell disease. Overall, this work enhances the predictive capabilities of biomedical models, contributing to advancements in medical diagnostics, targeted drug delivery, and the design of artificial blood substitutes or vascular implants.