The hydrodynamic models for bubbly flow in airlift loop reactor are reviewed. In addition to the classification of two-fluid models according to the averaging methods, the estimation models of bubble-induced turbulence are also categorized. Furthermore, the inter-phase forces commonly used and some techniques of solving the bubbly flow are summarized and evaluated. It is pointed out that Favre averaging two-fluid model combined with the k-e model, in which the bubble induced turbulence is considered with the Sato model, is a useful tool for the design and scaling-up of airlift loop reactor at the present stage. Moreover, the problems and topics of interest in the future work are suggested on the basis of analysis of state-of-the-art theory of bubbly flow.