The gas–liquid multiphase process plays a crucial role in the chemical industry, and the utilization of packed beds enhances separation efficiency by increasing the contact area and promoting effective gas–liquid interaction during the separation process. This paper primarily reviews the progress from fundamental research to practical application of gas–liquid multiphase processes in packed bed reactors, focusing on advancements in fluid mechanics (flow patterns, liquid holdup, and pressure drop) and the mechanisms governing gas–liquid interactions within these reactors. Firstly, we present an overview of recent developments in understanding gas–liquid flow patterns; subsequently we summarize liquid holdup and pressure drop characteristics within packed beds. Furthermore, we analyze the underlying mechanisms involved in bubble breakup and coalescence phenomena occurring during continuous flow of gas–liquid dispersions, providing insights for reactor design and operation strategies. Finally, we summarize applications of packed bed reactors in carbon dioxide absorption, chemical reactions, and wastewater treatment while offering future perspectives. These findings serve as valuable references for optimizing gas–liquid separation processes.