The effects of operating parameters and physical properties of a dispersed phase on the volume change of a two-phase hubble formed in water as an immiscible continuous phase were experimentally investigated. The operating parameters are inner diameter of nozzle, vapor now rate and temperature difference between water and vapor in the bubble. A larger two-phase bubble volume can be obtained by a larger nozzle inner diameter, higher now rate, and lower temperature difference, and vice versa. The present mathematical model estimates well the two-phase bubble formation process.