Some mathematical models, which have been used to describe batch growth in fermentations with two liquid phases present, are used to predict the behavior of continuous fermentations in a chemostat. Two types of dispersed systems are considered in this investigation. In the first, type, it is assumed that the composition of the dispersed phase is such that, increased substrate utilization results in a decreased substrate concentration with no change in the interfacial area. In the second type of system, the dispersed phase is assumed to be pure substrate; therefore, the substrate concentration in the dispersed phase remains constant but the interfacial area is affected by changes in dilution rate. Three special cases are examined for each type of system in order to examine the effect of the interfacial area, the phase equilibrium constant, and the mass transfer coefficient on system performance. Comparison of two of the models with available experimental data shows fair agreement, between model and data. Copyright © 1969 John Wiley & Sons, Inc.