The liquid turbulence modulation by small bubbles was investigated detailedly in a vertical upward channel flow with a finite number of small bubbles with the developed Eulerian-Lagrangian method. Small bubbles are treated as pointwise spheres subject to gravity, drag, added mass, pressure gradient, lift, and wall lift forces. The momentum transfer between phases was realized through interphase forces. The present investigation shows that the liquid turbulence is intensified near the wall and is slightly weakened in the channel central region due to the bubble addition. The turbulence modulation mechanisms by bubbles were also analyzed in the paper.