The hydrodynamic characteristics, mass transfer, and mixing performance of three different reactors, a bubble column reactor (BCR), a single-stage internal-loop airlift reactor (SSALR), and a four-stage internal-loop airlift reactor (FSALR), were investigated systematically through cold model experiments to explore the influence of draft tube configurations on the pilot-scale internal-loop airlift reactor (ILAR). The findings indicated that the BCR yielded a higher gas holdup and mass transfer coefficient due to its longer bubble residence time. Segmenting the draft tube improved the gas holdup in both the riser and downcomer, and the overall gas holdup in the downcomer increased by 9%. Compared with the SSALR, the mass transfer coefficient of the FSALR in the riser and downcomer increased by 10.2% and 9.3% on average, respectively. In addition, a higher liquid circulating velocity was obtained with the ILARs due to a higher gas holdup difference between the riser and the downcomer. Specifically, the liquid circulating velocity of the FSALR was 134.1% higher than that of the BCR and 15.8% higher than that of the SSALR. The mixing time of the ILARs was reduced due to more intense overall circulation. The mixing effect of the FSALR was the best. The mixing time was reduced by 70.2% and 51.3% compared with the BCR and SSALR for UG ranging from 4.0 cm/s to 9.1 cm/s, respectively. Empirical correlations were proposed for the gas holdup, liquid circulating velocity, mass transfer coefficient, and mixing time on the superficial gas velocity, and agreement with experimental data was satisfactory.