Characteristics of holdup and flow behavior of fluidized solid particles were investigated in a liquid-solid circulating fluidized bed (<TEX>$0.102m{\times}3.5m$</TEX>). Effects of liquid velocity (<TEX>$U_L$</TEX>), particle size (<TEX>$d_P$</TEX>) and solid circulation rate (<TEX>$G_S$</TEX>) on the solid holdup, overall particle rising velocity, slip velocity between liquid and particles and hydrodynamic energy dissipation rate in the riser were examined. The particle holdup increased with increasing <TEX>$d_P$</TEX> or <TEX>$G_S$</TEX> but decreased with increasing <TEX>$U_L$</TEX>. The overall particle rising velocity increased with increasing <TEX>$U_L$</TEX> or <TEX>$G_S$</TEX> but decreased with increasing <TEX>$d_P$</TEX>. The slip velocity increased with increasing <TEX>$U_L$</TEX> or <TEX>$d_P$</TEX> but did not change considerably with <TEX>$G_S$</TEX>. The energy dissipation rate, which was found to be closely related to the contacting frequency of micro eddies, increased with increasing <TEX>$d_P$</TEX>, <TEX>$G_S$</TEX> or <TEX>$U_L$</TEX>. The solid particle holdup was well correlated with operating variables such as <TEX>$U_L$</TEX>, <TEX>$d_P$</TEX> and <TEX>$G_S$</TEX>.