Abstract: In this paper we propose a color-gradient lattice Boltzmann (LB) model for simulating two-phase flows with high density ratio and high Reynolds number. The model applies a multirelaxation-time (MRT) collision operator to enhance the stability of the simulation. A source term, which is derived by the Chapman-Enskog analysis, is added into the MRT LB equation so that the Navier-Stokes equations can be exactly recovered. Also, a form of the equilibrium density distribution function is used to simplify the source term. To validate the proposed model, steady flows of a static droplet and the layered channel flow are first simulated with density ratios up to 1000. Small values of spurious velocities and interfacial tension errors are found in the static droplet test, and improved profiles of velocity are obtained by the present model in simulating channel flows. Then, two cases of unsteady flows, Rayleigh-Taylor instability and droplet splashing on a thin film, are simulated. In the former case, the density ratio of 3 and Reynolds numbers of 256 and 2048 are considered. The interface shapes and spike and bubble positions are in good agreement with the results of previous studies. In the latter case, the droplet spreading radius is found to obey the power law proposed in previous studies for the density ratio of 100 and Reynolds number up to 500.