In order to improve the performance of concrete, it is of great significance to have a better understanding the mechanism and main influencing factors of concrete bubble evolution under the action of polycarboxylate and air-entraining agents. In the present review, with respect to the generation, growth, stability, and rupture of concrete bubbles under the action of polycarboxylate and air-entraining agents, this paper discusses the influence of bubble characteristics on concrete performance and studies bubble regulation by air-entraining agents and polycarboxylate (PCE) superplasticizer. The results show that the acid-to-ether ratio, sulfonic acid group, ester group, and the type of air entraining agent of the polycarboxylate acid structure have a significant impact on the bubbles. The bubble size, specific area, spacing factor, and bubble content have a significant impact on the rheological properties and related mechanical properties of fresh concrete and also affect the appearance quality of concrete. The problems with the experimental methods and theoretical models of concrete bubble research were analyzed, and future research ideas were put forward.