The extraction operation conducted in a liquid-liquid-solid three phase fluidized bed was studied. An axial dispersion model with Danckwerts' boundary conditions was proposed to describe the characteristics of the flow system. A method was established to estimate the parameters of the system with experimental data. The effects of the particle Reynolds number of the dispersion phase and the continuous phase on the dispersion number Ndo and the modified Sherwood number Sho were explored. The results indicated that Ndo and Sho were correlated very well by Ndo=0.048ReA0.294ReO1.299 and Sho= 37.66ReO0.423 for 130&leReA=400 and 10&leReO&le 120.