Based on experimental results from a 7.6 cm I.D. and 3 m high liquid-solid circulating fluidized bed, the liquid-solid circulating fluidization regime has been separated into two zones: the initial circulating fluidization zone and the fully developed circulating fluidization zone. The distinct hydrodynamic behavior and the influence of particle properties in the two circulating fluidization zones have been studied. The overall flow structure in LSCFB, although still somewhat non-uniform, is much more uniform than that in a gas-solid CFB. Our experimental results also show that the axial flow characteristics and the regime transition can be strongly affected by the particle density. The stable operation range of the circulating fluidization system and the influences of some associated factors, such as the solids inventory and the particle density, were also investigated for the first time.