The combined effects of particle concentration (0–20 vol%) and particle size on the hydrodynamics of a slurry bubble column were studied by computational fluid dynamics coupled with population balance model (CFD‐PBM) in a wide range of superficial gas velocity (0.02–0.20 m/s). This CFD‐PBM coupled model included multiple effects of particles, namely increased slurry viscosity, reduced drag force, promoted bubble coalescence, and attenuated liquid turbulence, among which turbulence attenuation was crucial. To quantify liquid turbulence attenuation, a mechanistic model was established by equating the energy dissipated by particle motion to the attenuated liquid turbulence energy calculated from turbulent energy spectrum. The turbulent energy dissipation rate was reduced by over 60% at a solid concentration of 20%. Using this model, the effects of particle concentration and particle size on overall gas holdup were well predicted. This model advanced our understanding of how particles affect the gas holdup in a slurry bubble column.