Bubble–particle interactions are of great importance in cavitation bubble dynamics, especially in the case of silt-laden flow. In this paper, a review of the physical mechanisms involved in bubble collapse near particles is presented, with an emphasis on the jet and shock wave phenomenon. First of all, the collapse of a bubble occurring close to a flat wall is introduced to provide a basis for understanding cavitation behavior near boundaries. Then, with the aim of revealing the physical processes that occur during bubble collapse near particles, this is followed by a detailed discussion, with plentiful examples, of the collapse process (the inception, growth, collapse, rebound, and final disappearance of the bubble) and the formation and behavior of jets (the inception jet, counter jet, and double jets) and shock waves (incident, reflected, jet-induced, and jet-split shock waves).