To understand the effects of liquid morphology on the apparent transfer properties of porous media formed by stacked particles, the authors investigate the particles’ aggregation state, apparent volume, thermal conductivity, and electrical conductivity of wet stacked glass beads. It shows that the liquid mainly exists as liquid bridges when the liquid content is low and connects each other when high. The transformation of liquid morphology and distribution influences the liquid effects on particles, thus changing the aggregation state of the particles and the apparent properties of the porous media in turn. A model is developed for predicting the critical liquid content at which the liquid morphology shifts from the state of liquid bridges into the state of interconnectedness. The prediction from the model is in good agreement with the experiment.