The sensitivity study of bubbly flow in an internal airlift loop reactor is presented using a steady Reynolds averaging two-fluid model. Comparative evaluation of different drag formulations, drag coefficient correlations, turbulence effect on the drag coefficient, outlet slip velocity, and bubble size is performed and the respective influence to the simulation results is highlighted. It is found that a complicated drag formulation may not result in reliable predictions. All the drag coefficient correlations underpredict the gas holdup if the influence of turbulence on the drag coefficient is not well incorporated. Fortunately, the global hydrodynamics is not sensitive to the outflow slip velocity for a wide range, so a steady two-fluid model can be used to simulate the bubbly flow when the flow field is fully developed. The correct estimation of bubble size with properly selected correlations play an important role in successful simulation of gas-liquid bubbly flow in airlift loop reactors.