A liquid-phase methanol synthesis and decomposition process was proposed to recover wasted or unused discharged heat from industrial sources for the thermal energy demands of residential and commercial areas by chemical reactions. This paper summarized five fundamental researches and their results of the development of liquid phase reactor (heat exchanger accompanying chemical reaction), which are important to the methanol system. The five researches are as follows. (1) To evaluate the effect of transport process in the whole reaction process, the transport process of carbon monoxide (CO) and hydrogen (H2) gases in liquid phase methanol and methyl formate were studied. The fundamental data of transport process, such as solubility and diffusion coefficient, were obtained. (2) Solution and diffusion processes of single CO bubbles in liquid phase methanol were theoretically and experimentally studied under various pressures and temperatures. (3) The chemical reaction rate of methanol synthesis by hydrogenolysis of methyl formate was measured using a plate-type of Raney copper catalyst. The effect of thickness of Raney copper catalyst on the liquid-phase chemical reaction rate were investigated by varying the development time of the catalyst. (4) Investigation results of the catalyst such as surface area, pore radius, lattice size, and photographs of scanning electron microscope (SEM) were also obtained. (5) Furthermore, the liquid film distillation column accompanying chemical reaction was analyzed numerically to clarify the effect of gas flow velocity and liquid thickness on the catalytic reaction process.