Dispersed multiphase flows with deformable interfaces are frequently encountered in industrial processes involving large scale synthesis of base chemicals and energy carriers. In these flows complex processes, such as formation, coalescence and break-up of the dispersed elements (bubbles or drops), take place with accompanying physical and/or chemical transformations. These processes significantly influence the specific interfacial area, mixing of chemical species, mass and heat transfer rates as well as the large scale circulation patterns and ultimately the performance of multiphase chemical reactors. Due to the inherent complexity of these multiphase flows a multi-scale modeling approach is adopted in which the interactions between the phases can be properly accounted for. The idea is essentially that detailed models are used to generate closures for the interphase transfer coefficients to feed coarse-grained (such as stochastic Euler-Lagrange) models which can be used to compute the system behavior on a much larger (industrial) scale. In this contribution recent advances in the area of multi-scale simulation of dispersed multi-phase flows with deformable interfaces will be highlighted with emphasis on coupled mass, momentum and heat transfer. In addition, areas which need substantial further attention will be discussed.