We present a Pressure-Oscillation-Free projection algorithm for large-density-ratio multiphase fluid-structure interaction simulations, implemented on a non-staggered Cartesian grid. The incompressible Navier-Stokes is decoupled with an improved five-step incremental pressure correction algorithm. Fluid-fluid interface is captured using the Cahn-Hilliard equation, and the surface tension model is coupled with a momentum-weighted interpolation scheme to suppress unphysical pressure oscillations, ensuring accurate evolution of multiphase interfaces. Interaction at the fluid-structure interface is obtained by implicitly solving for the feedback acceleration in the Eulerian-Lagrangian system. For validation of the present method, the comparison studies for Pressure-Oscillation-Free effect are systematically conducted using lid driving cavity and droplet deformation cases. Moreover, several challenging multiphase simulations are implemented and discussed. As a demonstrating example of fluid-structure interaction, a rising bubble bypassing an obstacle is tested.