A bubble column-type slurry bed reaction system is provided in which an operating system, which synthesizes liquid hydrocarbons by the Fischer-Tropsch (FT) synthesis reaction and separates and derives a catalyst and liquid hydrocarbon products from a slurry composed of gas, liquid and solid phases, can be simplified, and deterioration of catalyst particles caused by attrition and so forth can be reduced. In this FT synthesis reaction system, a bubble column-type slurry bed Fischer-Tropsch synthesis reaction process, in which synthesis gas supplied continuously from the bottom of a reactor and suspended catalyst particles are contacted to form liquid hydrocarbons, gaseous hydrocarbons and water, a process in which a slurry of suspended liquid products formed in the Fischer-Tropsch synthesis reaction process and catalyst particles moves from the reactor to the lower portion of a separation vessel through a downwardly inclined transfer pipe to separate the catalyst particles and gaseous products, a process in which the liquid products formed in the Fischer-Tropsch synthesis reaction process is sent to the separation vessel through a horizontal connecting pipe installed above the downwardly inclined transfer pipe and derived from its apex, a process in which liquid products are derived from the separation vessel, and a process in which aslurry in which catalyst particles are concentrated is derived from the bottom of the separation vessel and circulated to the bottom of the reactor, are driven by the driving force of synthesis gas introduced from the bottom of the reactor and which rises through the slurry bed reactor without using an external drive power source for circulation, and the formed liquid hydrocarbon products, gaseous hydrocarbon products and water are separated and derived without using an external drive power source for separation.