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 (214) and a second reactant (242); the first reactant (214) comprising at least one liquid; the second reactant (242) 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 (214) forming a continuous phase in the multiphase reaction mixture; the second reactant (242) forming gas bubbles and/or liquid droplets dispersed in the continuous phase; and reacting the first reactant (214) with the second reactant (242) in a process microchannel (210) in the presence of at least one catalyst (215) to form at least one product (216).