This study aimed to find reaction conditions that improve the yield of target intermediate products, using a two-phase system and a microspace for first-order consecutive and reversible reactions. As a result, the yield of target products with a two-phase system can be surpassed by, that of a single-phase system through selecting the organic phase such that the partition coefficient of the raw material to the aqueous phase is large, and that of the target product to the organic phase is also large. In addition, the volume ratio of two phases and the liquid-liquid interfacial area are also important factors for improving the target product yield. In a microspace, the microfluid segments can be designed both arbitrarily and precisely, and thus it is possible to control the interfacial area and mass transfer rates accurately. Utilization of a microspace can play a significant role in intensifying a two-phase system. (C) 2009 American Institute of Chemical Engineers AIChE J, 55: 1505-1513, 2009