We present a comprehensive literature review on the two-phase bubble column; in this review we deeply analyze the flow regimes, the flow regime transitions, the local and global fluid dynamics parameters, and the mass transfer phenomena. First, we discuss the flow regimes, the flow regime transitions, the local and global fluid dynamics parameters, and the mass transfer. We also discuss how the operating parameters (i.e., pressure, temperature, and gas and liquid flow rates), the operating modes (i.e., the co-current, the counter-current and the batch modes), the liquid and gas phase properties, and the design parameters (i.e., gas sparger design, column diameter and aspect ratio) influence the flow regime transitions and the fluid dynamics parameters. Secondly, we present the experimental techniques for studying the global and local fluid dynamic properties. Finally, we present the modeling approaches to study the global and local bubble column fluid dynamics, and we outline the major issues to be solved in future studies.