A physical model of gas–liquid two-phase annular flow regime is presented for predicting the enhanced evaporation heat transfer characteristics in horizontal microfin tubes. The model is based on the equivalence of a periodical distortion of the disturbance wave in the substrate layer. Corresponding to the stratified flow model proposed previously by authors, the dimensionless quantity Fr0 = G/[gdeρv(ρl − ρv)]0.5 may be used as a measure for determining the applicability of the present theoretical model, which was used to restrict the transition boundary between the stratified-wavy flow and the annular/intermittent flows. Comparison of the prediction of the circumferential average heat transfer coefficient with available experimental data for four tubes and three refrigerants reveals that a good agreement is obtained or the trend is better than that of the previously developed stratified flow model for Fr0 > 4.0 as long as the partial dry out of tube does not occur. Obviously, the developed annular model is applicable and reliable for evaporation in horizontal microfin tubes under the case of high heat flux and high mass flux.