The paper presents modeling and simulation results of the operation of a three-phase fluidized bed bioreactorwith partial recirculation of biomass. The proposed quantitative description of the bioreactor takes into account biomass growth on inert carriers, microorganisms decay and interphase biomass transfer. Stationary characteristics of the bioreactor and local stability of steady-stateswere determined. The influence of microbiological growth kinetics on the multiplicity of steady-states was discussed. The relationship between biofilm growth and boundaries of fluidized bed existence was shown.