The hydrodynamic behavior of an external loop airlift slurry reactor (ALSR) with and without a resistance-regulating element was studied with a fiber optic probe and ultrasound Doppler velocimetry. The influences of the superficial gas velocity and solid holdup on the global gas holdup and radial profiles of the suspension circulation velocity in the downer and of gas holdup, bubble size, and bubble rise velocity in the riser were studied. Local measurements allow a better understanding of the flow behavior in the reactor and can be used for CFD modeling and validation. Experimental results show that the resistance-regulating element increases the gas holdup and decreases the suspension circulation velocity, indicating that an optimum design of the flow resistance is needed to obtain the maximum gas-liquid volumetric mass transfer coefficient for a specific superficial gas velocity. A high superficial gas velocity and low solid holdup are favorable for increased uniformity of the radial profile of the gas holdup and bubble rise velocity. Hydrodynamic models that predict the gas holdup and suspension circulation velocity were developed for an ALSR with and without a resistance-regulating element. Good agreement was obtained between measured and predicted values.