The accurate simulation of upward multiphase flow of hydrate slurry in the annulus is one of the key scientific unsolved issues in natural gas hydrate solid fluidization exploitation. In this work, the upward multiphase flow of hydrate slurry in a vertical concentric annulus is simulated. The hydrate slurry hydrodynamic models suitable for pseudo-single-phase flow, bubbly flow, slug flow, and annular flow are proposed, respectively. Finally, the hydrate decomposition kinetic model is combined with the established annulus hydrate slurry multiphase flow model to simulate the multiphase flow of hydrate slurry in the annulus. The factors affecting flow behaviors are analyzed. During the upward flow in the annulus, the hydrate slurry temperature first decreases and then increases. As the inlet temperature increases, the fluid temperature, hydrate decomposition rate, and gas superficial velocity increase. During the upward flow in the annulus, hydrate may be formed again, which indicates that the error may be magnified due to ignoring hydrate formation. The larger the flow rate, the smaller the length of the slug flow. The larger the hydrate volume fraction, the higher the starting point of hydrate decomposition. These findings are of practical value to give a further understanding of hydrate slurry multiphase flow, which can promote further engineering application of natural gas hydrate solid fluidization exploitation.