We present a new efficient Monte Carlo method for the molecular-based computer simulation of chemical systems undergoing any combination of reaction and phase equilibria. The method requires only a knowledge of the species intermolecular potentials and their ideal-gas properties, in addition to specification of the system stoichiometry and thermodynamic constraints. It avoids the calculation of chemical potentials and fugacities, as is similarly the case for the Gibbs ensemble method for phase equilibrium simulations. The method’s simplicity allows it to be easily used for situations involving any number of simultaneous chemical reactions, reactions that do not conserve the total number of molecules, and reactions occurring within or between phases. The basic theory of the method is presented, its relationship to other approaches is discussed, and applications to several simple example systems are illustrated.