A model for a bubble column slurry reactor is developed based on the experiment of Rhenpreussen-Koppers demonstration plant for slurry phase Fischer-Tropsch synthesis reported by Koelble ct al. This model is applicable to the operation in the churn-turbulent regime and incorporates the information on the bubble size. The axial dispersion model is adopted to describe the flow characteristics of the Fischer-Tropsch slurry reactor. With the model developed, simulations are performed to identify the steady state behavior of a Fischer-Tropsch slurry reactor of commercial size. Predictions of the two-bubble class model is compared with that of the conventional single- bubble class model. The results show that under a variety of conditions, the two-bubble class model gives results different from those for the single-bubble class model.