To enhance the performance of tubular microbubble generators, the Volume of Fluid (VOF) multiphase flow model in COMSOL Multiphysics was used to simulate the bubble fragmentation characteristics within a throttling hole microbubble generator. The effects of the inlet speed of the throttling hole pipe, the diameter of the throttling hole, and the length of the expansion section on bubble fragmentation performance were analyzed. The results indicated that an increase in the inlet speed of the throttling hole pipe gradually improved the bubble fragmentation performance. However, an increase in the throttling hole diameter significantly reduced the bubble fragmentation performance. Changes in the length of the expansion section had a minor impact on the bubble fragmentation performance. Experimental methods were used to verify the characteristics of bubble fragmentation, and it was found that the simulation and experimental results were consistent. This provides a theoretical basis and practical guidance for the design optimization of tubular microbubble generators.