Gas holdup is an important parameter in the carbonation reaction for processing red mud. In this paper, for estimating the gas holdup of Venturi carbonation reactor, water model experiments were performed. The effects of superficial gas velocities, superficial liquid velocities, and liquid-to-solid and height-to-diameter ratio on the gas holdup are investigated. Through dimensional analysis using Buckingham π principle, a derivation of the empirical correlation is also proposed. The results indicate that gas holdup increases with the increase in gas velocity, with the decrease in liquid velocity, with the increase in liquid-to-solid ratio, and with the increase in height-to-diameter ratio. The calculated results from the empirical correlation agree well with the experimental data, which is important for designing a highly efficient Venturi reactor with a high temperature, high pressure, and three phases of gas, liquid, and solid.