A dynamic thermal-hydraulic mathematical model of the evaporator dynamics of a once - through sub critical steam generator was derived and presented. This model allows the investigation of evaporator dynamics including its transient responses. The evaporator was considered as part of a three-section (economizer, evaporator and super-heater) model with time varying phase boundaries and was described by a set of linearized discrete - difference equations which, with some other algebraic equations, constituted a closed system of equations possible for exact computer solution. This model was derived using the fundamental equations of mass, energy and momentum balance. For the first time, a discrete differential approach was applied in order to investigate such complex, two phase processes. Namely, this approach allows one to escape from the model of this process usually described by a set of partial differential equations and enables one, using this method, to simulate evaporator dynamics in an extraordinarily simple way. In the current literature this approach is sometimes called physical discretization.