Abstract: With Raney nickel as catalyst, the two steps hydrogenation reaction of 1,4-butynediol to 1, 4-butanediol carries out in bubbling slurry bed. The relative resistances of gas-liquid masstransfer, liquid-solid mass transfer and pellet surface reaction are determined under experimental conditions, thus the surface reaction rate controlling can be predicted by this quantitative method.Both intrinsic rate equations of two steps can be expressed as power model or/and Langmuir-Hinshelwood model. The former is more favorable for correlation with transport process, while the latter benefits for reaction mechanism studies, and also the variations of reaction order of both liquid reactants have been explained rather successfully.