Abstract: We investigate the global well-posedness and large time behavior for the compressible liquid-gas two-phase flow model with or without damping. For the Cauchy problem, we get the global existence and optimal decay rates of the strong solutions. For the initial boundary value problem, we obtain the global existence and exponential decay rates of the strong solutions. Our method of proof consists of Hodge decomposition technique, high frequency and low frequency energy analysis and delicate energy estimates.