The majority of publications and monographs present investigations which concern exclusively two-phase flows and particulary dispersed flows. However, in the chemical and petrochemical industries as well as in refineries or bioengineering, besides the apparatuses of two-phase flows there is an extremely broad region of three-phase systems, where the third phase constitutes the catalyst in form of solid particles (Duduković et al., 2002; Martinez et al., 1999) in either fixed bed or slurry reactors. Therefore, the goal of this study is to develop macroscopic, averaged balances of mass, momentum and energy for systems with three-phase flow. Local instantaneous conservation equations are derived, which constitute the basis of the method applied, and are averaged by means of Euler’s volumetric averaging procedure. In order to obtain the final balance equations which define the averaged variables of the system, the weighted averaging connected with Reynolds decomposition is used. The derived conservation equations of the trickle-bed reactor (mass, momentum and energy balance) and especially the interphase effects appearing in these equations are discussed in detail.