Hydrogenation of phenol to cyclohexanone and cyclohexanol in/under compressed CO 2 was examined using commercial Rh/C and Rh/Al 2 O 3 catalysts to investigate the effects of CO 2 pressurization on the total conversion and the product selectivity. Although the total rate of phenol hydrogenation with Rh/C was lowered by the presence of CO 2 , the selectivity to cyclohexanone was improved at high conversion levels > 70%. On the other hand, the activity of Rh/Al 2 O 3 was completely lost in an early stage of reaction. The features of these multiphase catalytic hydrogenation reactions using compressed CO 2 were studied in detail by phase behavior and solubility measurements, in situ high pressure FTIR for molecular interactions of CO 2 with reacting species and formation/adsorption of CO on the catalysts, and simulation of reaction kinetics using a simple model. The CO 2 pressurization was shown to suppress the hydrogenation of cyclohexanone to cyclohexanol, improving the selectivity to cyclohexanone.The formation and adsorption of CO were observed for the two catalysts at high CO 2 pressures in the presence of H 2 , which was one of important factors retarding the rate of hydrogenation in the presence of CO 2 . It was further indicated that the adsorption of CO on Rh/Al 2 O 3 was strong and caused the complete loss of its activity.