When pipelines are transporting bubbly fluid medium, due to the coalescence and breakage behaviours of the bubbles, the pressure distribution at the wall is not uniform and the structure response is more complex. The bubbly beverage pipeline in the life area of the luxury passenger ship is a typical scene of the pipeline transporting bubbly fluid medium. In this paper, the two-way fluid-structure coupling analysis is carried out on such a scene with the aid of ANSYS software and the PBM model is introduced to characterize the dynamic properties of bubbles. At the same time, the accuracy of this calculation method is verified by the scaling experiment. On this basis, the response of the pipeline under the excitation of bubbly fluid is calculated for different inlet velocities and gas volume fractions, and the effectiveness of common vibration damping measures is evaluated. The result shows that the addition of bubbles to the fluid medium has a significant effect on the distribution of the flow field in the pipeline during transport, and the vibration acceleration values of the pipe wall also increase significantly. This method enables accurate simulation of the vibration characteristics of bubbly fluid medium pipelines.