Computational Fluid Dynamics (CFD) is used to compare the hydrodynamics and mass transfer of an internal airlift reactor with that of a bubble column reactor, operating with an air/water system in the homogeneous bubble flow regime. The liquid circulation velocities are significantly higher in the airlift configuration than in bubble columns, leading to significantly lower gas holdups. Within the riser of the airlift, the gas and liquid phases are virtually in plug flow, whereas in bubble columns the gas and liquid phases follow parabolic velocity distributions. When compared at the same superficial gas velocity, the volumetric mass transfer coefficient, k(L)a, for an airlift is significantly lower than that for a bubble column. However, when the results are compared at the same values of gas holdup, the values of k(L)a are practically identical.