Many two-phase flow situations, from engineering science to astrophysics, deal with transition from dense (high concentration of the condensed phase) to dilute concentration (low concentration of the same phase), covering the entire range of volume fractions. Some models are now well accepted at the two limits, but none are able to cover accurately the entire range, in particular regarding waves propagation. In the present work, an alternative to the Baer and Nunziato (BN) model [Baer, M. R. and Nunziato, J. W., “A two-phase mixture theory for the deflagration-to-detonation transition (DDT) in reactive granular materials,” Int. J. Multiphase Flow 12(6), 861 (1986)], initially designed for dense flows, is built. The corresponding model is hyperbolic and thermodynamically consistent. Contrarily to the BN model that involves 6 wave speeds, the new formulation involves 4 waves only, in agreement with the Marble model [Marble, F. E., “Dynamics of a gas containing small solid particles,” Combustion and Propulsion (5th AGARD Colloquium) (Pergamon Press, 1963), Vol. 175] based on pressureless Euler equations for the dispersed phase, a well-accepted model for low particle volume concentrations. In the new model, the presence of pressure in the momentum equation of the particles and consideration of volume fractions in the two phases render the model valid for large particle concentrations. A symmetric version of the new model is derived as well for liquids containing gas bubbles. This model version involves 4 characteristic wave speeds as well, but with different velocities. Last, the two sub-models with 4 waves are combined in a unique formulation, valid for the full range of volume fractions. It involves the same 6 wave speeds as the BN model, but at a given point of space, 4 waves only emerge, depending on the local volume fractions. The non-linear pressure waves propagate only in the phase with dominant volume fraction. The new model is tested numerically on various test problems ranging from separated phases in a shock tube to shock–particle cloud interaction. Its predictions are compared to BN and Marble models as well as against experimental data showing clear improvements.