A simple model to analyze non-linear density-wave instability in a sodium-cooled helically coiled steam generator is developed. The model is formulated with three regions with moving boundaries. The homogeneous equilibrium flow model is used for the two-phase region and the shell-side energy conservation is also considered for the heat flux variation in each region. The proposed model is applied to the analysis of two-phase instability in a JAEA (Japan Atomic Energy Agency) 50MWt No.2 steam generator. The steady state results show that the proposed model accurately predicts the six cases of operating temperatures on the primary and secondary sides. The sizes of three regions, the secondary side pressure drop according to the flow rate, and the temperature variation in the vertical direction are also predicted well. The temporal variations of the inlet flow rate according to the throttling coefficient, the boiling and superheating boundaries and the pressure drop in the two-phase and superheating regions are obtained from the unsteady analysis.