By using a slurry-state bed as a design idea, a slurry-state bed reactor is characterized in that a reactor shell is formed by a flanged cylinder body of standard equipment. The slurry-state bed reactor comprises a diameter-varied shell, an upper closure head, a lower closure head, a bottom air inlet pipe hole, a top gas outlet, a slurry inlet and a slurry outlet; the following parts, including an inner draft tube, a coiled pipe heat exchanger, a gas clamp plate distributor, a gas-rising pipe, a re-distributor and a cyclone separator, are arranged in the shell. The gas is uniformly ejected through the clamp plate distributor, and reaction between the gas and catalyst slurry inside the reactor shell is carried out to obtain a reactant; the reactant is subjected to gas-liquid separation at the upper end of the reactor and then flows out of the gas outlet; slurry which is borne on a free fluid surface flows from the inner part of the draft tube to the downside, flows out of the side surface of the bottom of the draft tube and then carries out reaction with the gas to flow upwards for circulation. According to the slurry-state bed reactor disclosed by the invention, by analyzing a flow state, the matching design of the slurry-state bed is carried out, so that a high-efficient internal recycling effect is achieved.