An underwater Ar bubble discharge is excited by nanosecond pulsed power, and the effects of adding N2/O2 in Ar discharge on products are investigated. This work focus on regulating species concentration in plasma activated water (PAW), and then seeking specific concentrations for future application. The optical emission spectra (OES) and colorimetric chemical probes are used to diagnose and measure active species in plasma region or liquid phase. The H2O2 energy yield with Ar bubble can be up to 3.04 g kWh−1. The emission intensity characteristics of Ar (4p‐4s), OH (A‐X), Hα, and O (3p‐3s) in plasma region, and the concentrations of H2O2, NnormalO3−, and NnormalO2− in liquid are investigated with adding varying N2/O2 proportion in Ar bubble discharge.