The wet dissolution process of lime is an effective approach for synthesizing calcium hydroxide. Process parameters and additives exert influence on the product particle. Among the process parameters, lime particle size, reaction temperature, and time have a significant impact on product particle size, followed by liquid‐solid ratio and stirring speed. The experiment proved that reaction time affects product particle size by affecting the crystal growth, while other process parameters affect the particle size by affecting the ion diffusion behavior. In terms of inorganic additives, Ca(OH)2 has minimal effect on product particle size; however, NaOH and CaCl2 can significantly enhance it with a greater dose leading to a larger increase. The experiment proved that Ca(OH)2, NaOH, and CaCl2 influence particle size through their impact on ion diffusion behavior. Regarding organic additives, soluble starch exhibits the greatest effect on product size followed by triethanolamine and polyvinylpyrrolidone K30. The experiment proved that soluble starch, triethanolamine, and polyvinylpyrrolidone K30 affect product particle size by influencing its crystallization position. Finally, an ultrafine slurry of calcium hydroxide was prepared using the lime wet digestion method based on the aforementioned research, with particle size distribution characterized by D10, D50, and D90 values of 0.303, 1.750, and 4.534 µm respectively.