The volumetric gas-liquid mass transfer coefficient (K(L)a) and axial dispersion coefficient (D-Z) of liquid phase have been studied in air-oxygen saturated water fluidized beds of 0.52 to 0.755 mm glass spheres in a plexiglass column. The effects of liquid velocity, gas velocity, particle size and loadings on K(L)a and D-Z were examined. According to the different correlations of mass transfer, three flow regimes of three-phase fluidized beds were distinguished. It was found that K(L)a and D-Z change with different regularities in these different flow regimes. The results have shown that the flow regimes distinguished by different correlations of mass transfer were substantially identical with those distinguished by gas holdup correlations as well as pressure fluctuation analysis as had been found in previous investigations.