Characteristics of holdup and flow behavior of fluidized solid particles were investigated in a liquid-solid circulating fluidized bed (0.102 m × 3.5 m). Effects of liquid velocity (UL), particle size (dP) and solid circulation rate (GS) on the solid holdup, overall particle rising velocity, slip velocity between liquid and particles and hydrodynamic energy dissipation rate in the riser were examined. The particle holdup increased with increasing dP or GS but decreased with increasing UL. The overall particle rising velocity increased with increasing UL or GS but decreased with increasing dP. The slip velocity increased with increasing UL or dP but did not change considerably with GS. The energy dissipation rate, which was found to be closely related to the contacting frequency of micro eddies, increased with increasing dP, GS or UL. The solid particle holdup was well correlated with operating variables such as UL, dP and GS.