Euler-Euler two-flow model was applied to study the effects of gas lift type loop reactor and bubble column bed reactor on the hydrodynamics under oil-hydrogen system when temperature and pressure were 703.15 K and 11 MPa, respectively. The numerical simulation results show that there exists an excursion phenomenon in gas holdup and axial liquid velocity along the radial guide tube direction in the loop reactor. The gas holdup at the radial location of 0~0.5 and 0.75~1 in ALR is obvious bigger than that in BCR, the gas holdup in ALR at the radial location of 0.5~0.75 is smaller than that in BCR due to wall effect, the overall gas holdup in ALR is 6% higher than that in BCR by. The axial liquid velocity in the riser of loop reactor is greater than that in the bubble column reactor, the trend in the dropper is bigger, the overall axial liquid velocity in ALR is 21% higher than that in BCR. The flow characteristics are similar when their reactor size is small. The trend is gradually obvious that the flow characteristic of loop reactor is better than that of bubble column reactor in the scale-up process of reactor volume.