Selective hydrogenation of acetylene is an important process for both ethylene purification and ethylene production from acetylene in the industry. Herein, we proposed liquid phase acetylene hydrogenation for high feed concentrations of C2H2 (8 %) and CO (20 %), which is used to produce ethylene as a subsequent process of partial oxidation of natural gas. The experiments were carried out in a stirred tank reactor using N-methylpyrrolidone (NMP) as solvent and PdAg/SiO2 as catalyst. The liquid phase process obtained a much higher selectivity to ethylene (92 %) with only 8 % selectivity to green oil (GO) and C4, compared to 71 % ethylene selectivity in gas phase hydrogenation. Furthermore, in the liquid phase ethylene selectivity increased with increasing acetylene conversion, especially in the conversion range of 80–100 %. We developed a model incorporating reaction kinetics, mass transfer and reactor model to predict the acetylene conversion and ethylene selectivity in liquid phase hydrogenation. The calculation results indicated that hydrogenation in the liquid phase operated at a lower acetylene concentration and a higher H2/C2H2 ratio, especially under high acetylene conversions. This explains why the liquid phase hydrogenation of acetylene has a much higher selectivity to ethylene than the gas phase process.