Polymer stretching in two-phase microfluidics is investigated by dissipative particle dynamics. The flow patterns can be controlled by wall wettability, flowrate ratio between two phases, and Reynolds number (Re). For neutral and partially wettable walls, segmented flows are formed and polymer stretching can be controlled by Re and segment length. At high Re, stratified flows are observed and the extension ratio can be tuned by the flowrate ratio. For nonwettable walls, slug flows are formed and polymer stretching can be controlled by Re and slug length. At high Re or flowrate ratio, annular flows are observed and high extension ratio can be easily attained.