Three-phase slurry bubble column reactors have been used extensively in a number of chemical, petrochemical, and biochemical process engineering applications. For the success of these operations and their large scale industrial exploitation, it is essential that their transport and chemical characteristics be adequately understood on a mechanistic basis so that appropriate design criteria and optimum operating conditions can be established. It is the purpose of this review to present such available knowledge in relation to chemical catalytic operations. The mass transfer characteristics, catalytic activity, and mixing patterns of different phases necessitate a detailed understanding of the hydrodynamic behavior and catalyst dispersion in slurry bubble column reactors. The current status of these aspects is presented, discussed, and assessed in this review. Chemical and biochemical reactions are exothermic in nature and hence efficient heat removal devices must be installed in the reactor to preserve its isothermal behavior and chemical catalytic activity by avoiding temperature runaway. Extensive work recently conducted from this heat transfer viewpoint is reviewed and appraised. The bubble dynamics, and slurry mixing and movement characteristics of such baffled bubble columns are significantly different from those of unbaffled bubble columns. Very limited information is available on baffled bubble column operations and this is reviewed and critically examined. An important application of the slurry bubble column is in the synthesis of fuel gases on suspended catalyst particle surface to produce chemicals. One such example is the Fischer-Tropsch synthesis of hydrogen and carbon monoxide in what is referred to as indirect coal liquefaction technology. Pilot plant efforts of this nature and their successes are briefly mentioned. Mathematical details and models developed from time to time to characterize catalytic bubble column operations are briefly described and discussed. In the context of available information and its integration presented here, the specific needs for future experimental and theoretical research work are pointed out.