We propose a new generalized compressible diphasic Navier–Stokes Cahn–Hilliard model that we name G-NSCH. This new G-NSCH model takes into account important properties of diphasic compressible fluids such as possible non-matching densities and contrast in mechanical properties (viscosity, friction) between the two phases of the fluid. The model also comprises a term to account for possible exchange of mass between the two phases. Our G-NSCH system is derived rigorously and satisfies basic mechanics of fluids and thermodynamics of particles. Under some simplifying assumptions, we prove the existence of global weak solutions. We also propose a structure preserving numerical scheme based on the scalar auxiliary variable method to simulate our system and present some numerical simulations validating the properties of the numerical scheme and illustrating the solutions of the G-NSCH model.