Catalytic hydrogenation of 2-tert-butyl phenol over a charcoal-supported rhodium catalyst in carbon dioxide solvent at 313 K was studied in a batch reactor. To elucidate the effect of carbon dioxide pressure on the initial rate of reaction, the phase behavior of the ternary (2-tert-butylphenol-carbon dioxide-hydrogen) system was separately observed with a view cell, and the calculations of vapor-liquid equilibrium and compositions in the vapor and liquid phases inside the reactor were carried out using the Peng-Robinson equation of state. The hydrogenation behavior in the carbon dioxide solvent is discussed based on the phase behavior of the ternary system.