Bubble and slurry bubble column reactors (BCRs/SBCRs) are used for various chemical, biochemical, and petrochemical applications. They have several operational and maintenance advantages, including excellent heat and mass transfer rates, simplicity, and low operating and maintenance cost. Typically, a catalyst is present in addition to biochemical processes where microorganisms are used to produce industrially valuable bio-products. Since most applications involve complicated gas-liquid, gas-liquid-solid, and exothermic processes, the BCR/SBCR must be equipped with heat-exchanging tubes to dissipate heat and control the reactor's overall performance. In this review, past and very recent experimental and numerical investigations on such systems are critically discussed. Furthermore, gaps to be filled and critical aspects still requiring investigation are identified.