Transient modeling and regulation of a two-phase on-chip liquid pump cooling cycle is studied. The purpose is to cool down multiple micro-processors in parallel and a set of memories, DC/DC converters in series. The cycle will be incorporated in a blade/drawer of a rack as shown in Figure 1. The cooling system is composed of multiple on-chip micro-evaporators, a condenser, a liquid accumulator, a pump and all piping joining components. In order to take advantage of enhanced heat transfer and more uniform chip temperature, two-phase refrigerant R134a is used as working fluid.