The phase holdups and the heat-transfer behavior were studied experimentally in three-phase fluidized beds over a pressure range of 0.1-15.6 MPa. Bubble characteristics in the bed are examined by direct flow visualization. Pressure effects on the bubble coalescence and breakup are analyzed mechanistically. The study indicates that the pressure affects the hydrodynamics and heat-transfer properties of a three-phase fluidized bed significantly. The average bubble size decreases and the bubble-size distribution becomes narrower with an increase in pressure. The bubble-size reduction leads to an increase in the transition gas velocity from the dispersed bubble regime to the coalesced bubble regime, an increase in the gas holdup, and a decrease in the liquid and solids holdups. The pressure effect is insignificant above 6 MPa. The heat-transfer coefficient between an immersed surface and the bed increases to a maximum at pressure 6-8 MPa and then decreases with an increase in pressure at a given gas and liquid flow rare. This variation is attributed to the pressure effects on phase holdups and physical properties of the gas and liquid phases. A mechanistic analysis revealed that the major heal-transfer resistance in high-pressure three-phase fluidized beds resides in a liquid film surrounding the heat-transfer surface. An empirical correlation is proposed to predict the heat-transfer coefficient under high-pressure conditions.