The rapid melting of glaciers and thawing of permafrost in mountainous regions have heightened the danger of rock‐ice avalanches. These avalanches pose a severe threat due to their potential to transform into water‐saturated debris flows. The catastrophic event in Chamoli, India, on 7 February 2021, illustrates the devastating consequences of such processes. Developing a model capable of predicting the dynamics and extent of these events is imperative for natural hazard science and disaster mitigation. In response, we propose a depth‐averaged rock‐ice avalanche model encompassing four distinct materials: rock, ice, snow, and water. The model integrates crucial physical processes, including frictional heating, phase changes, ground material entrainment, and air‐blast hazards. Through a system of mass and momentum balance equations extended with grain flow and internal energy equations, the model captures heat exchanges and resulting phase changes as the fragmented material flows. Focusing on identifying the primary water source in the flow and testing the model on the 2021 Chamoli event, we quantify water's influence on flow dynamics and regime transitions. However, uncertainties persist in heat transfer physics and quantifying the hydro‐meteorological state of the flow path. Our thermo‐mechanical model enables the simulation of complex avalanches and identifies key flow transitions: powder cloud formation and potential debris flow transformation. The study underscores the pivotal role of water in avalanche dynamics and the challenge of accurately quantifying water content within the flow, necessitating comprehensive ground assessments for effective disaster management. Plain Language Summary: In the context of global climate warming, the rapid melting of glaciers and thawing of permafrost lead to rock and ice mass collapses, forming rock‐ice avalanches. These can evolve into water‐saturated debris flows, increasingly endangering societies and infrastructures in hazard‐prone regions. The 2021 Chamoli rock‐ice avalanche, which transformed into a debris flow causing over 200 fatalities, exemplifies the severe consequences of such natural disasters. To address this issue, we developed a depth‐averaged model to predict the complex dynamics characteristics of rock‐ice events. The model considers various components like rock, ice, snow, and water, along with crucial processes such as frictional heating, phase changes, material entrainment, and air‐blast hazards; and captures heat changes between phases and resultant phase transitions. Using this model, we investigated the primary water source within avalanche flows and its effects on dynamics, focusing on the 2021 Chamoli avalanche. Our findings highlight the pivotal role of water in shaping the behavior of these rock‐ice events and flow transitions. Despite significant progress, challenges remain in refining our understanding of heat transfer physics and quantifying hydro‐meteorological conditions within the flow. Nevertheless, our thermo‐mechanical model represents a significant advancement in simulating and comprehensively analyzing the dynamics of rock‐ice avalanches. Key Points: New depth‐averaged model for rock‐ice avalanches, including rock, ice, snow, and water, phases changes, ground entrainment and air blastOur model identifies three key flow transitions: powder cloud formation, debris flow transformation, and hyperconcentrated flood occurrenceModel testing shows water's impact on flow transitions. Uncertainties remain in heat transfer and entrainment calling for more validation [ABSTRACT FROM AUTHOR]