Multicomponent, multiphase, compressible flows are very important in real life, as well as in scientific research, while their modeling is in an early stage. In this paper, we propose a diffuse interface model for compressible binary mixtures, based on the balance of mass, momentum, energy, and the second law of thermodynamics. We show both analytically and numerically that this model is able to describe the phase equilibrium for a real binary mixture (CO2 + ethanol is considered in this paper) very well by adjusting the parameter which measures the attraction force between molecules of the two components in the model. We also show that the calculated surface tension of the CO2 + ethanol mixture at different concentrations match measurements in the literature when the mixing capillary coefficient is taken to be the geometric mean of the capillary coefficient of each component. Three different cases of two droplets in a shear flow, with the same or different concentration, are simulated, showing that the higher concentration of CO2 the smaller the surface tension and the easier the drop deforms.