The gas holdup, ε g , liquid-phase axial dispersion coefficient, D ax, and volumetric gas-to-liquid mass transfer coefficient, k l a, have been measured for a three-phase magneto-fluidized bed (MFB) as a function of gas superficial velocity, liquid superficial velocity, and magnetic field strength. The solid phase consisted of 4 mm diameter calcium alginate spheres within which magnetite powder was entrapped. The liquid and gas phases were water and air, respectively. An axial, direct-current magnetic field having a magnitude between 0 and 300 G was applied by an external solenoid. Six different bed operating regimes were distinguished by visual inspection. Local values of ε g were measured using a fiber-optic probe, and the average values of ε g were measured using the valve technique. Average ε g values decreased by as much as 20% with increasing field strength due to bed contraction and the formation of preferred channels. Local ε g measurements correlated well with average measurements at low field strengths but became erratic at high field strengths due to bubble channeling. The liquid-phase axial dispersion coefficient was measured using a salt tracer. A fourfold decrease in D ax was observed in the channel regime. The volumetric oxygen mass transfer coefficient ( k l a) was determined from measurements of the steady-state oxygen profile across the reactor. A 30% increase in k l a was observed in the chain-channel regime. The experimental results for the MFB were compared to published correlations for conventional fluidized bed systems.