Liquid addition complicates the particle mixing and circulation characteristics within the liquid-containing gas−solid fluidized bed reactor, which significantly affects heat-mass transfer and chemical reaction processes and deserves an in-depth study. This work utilizes the CFD−DEM method to investigate the effects of liquid property parameters on the mixing and circulation characteristics of liquid-containing particles. Both the comprehensive effects of multiple parameters and the interactive effects among them have been considered. A heat map is used to visualize the time-averaged Lacey index for quantitative analysis. Then, the mixing and circulation mechanism in the liquid-containing particle fluidization system is proposed based on the above analysis. Changes in liquid property parameters alter particle velocity, thereby affecting convective and shear mixing and ultimately leading to significant differences in the mixing and circulation characteristics. Compared with other parameters, surface tension plays a more important role in determining the mixing and circulation characteristics. Only under higher surface tensions, liquid viscosity and liquid content show significant effects on the above characteristics. A comprehensive investigation into the mixing and circulation characteristics of the liquid-containing particle fluidization system and the elucidation of its mechanisms are essential for achieving stable fluidization within the liquid-containing gas−solid fluidized bed reactor.