Low-frequency pressure fluctuations in an external-loop airlift reactor were investigated. Low-frequency pressure fluctuations could be measured by shooting videos about liquid levels in the four piezometric tubes which were installed at the lower and upper parts of the riser and downcomer using a cellular phone. The periodic characteristics of pressure fluctuations were proved by the calculation of their auto-correlation function and cross-correlation function. Even if the riser superficial gas velocity was constant, the riser and downcomer gas holdups as well as wall pressures were periodically changed due to the inertia of circulating liquid. In general, the intensity of pressure fluctuations increased with an increase in the gas velocity. When the unaerated liquid height was 0.04 m, the maximum period of pressure fluctuations was found at the specific gas velocity (0.14 ms-1). It was because the maximum inertia of circulating liquid resulted from a reduction in the increasing rate of the liquid circulation velocity and a decrease in the volume of the effectively circulating liquid with an increase in the gas velocity.