The disclosed invention relates to a process for conducting a multiphase reaction in a microchannel. The process comprises: forming a multiphase reaction mixture comprising a first reactant and a second reactant; the first reactant comprising at least one liquid; the second reactant comprising at least one gas, at least one liquid, or a combination of at least one gas and at least one liquid; the first reactant forming a continuous phase in the multiphase reaction mixture; the second reactant forming gas bubbles and/or liquid droplets dispersed in the continuous phase; and reacting the first reactant with the second reactant in a process microchannel in the presence of at least one catalyst to form at least one product.