Bubbles and bubbly flows are omnipresent in nature and technology, showing a multitude of phenomena, which can be either beneficial or a hindrance. In any case, for their control and their applications, it is crucial to understand their fundamentals and therefore from the very beginning of the International Journal of Multiphase Flow they have been central. In this synoptic review we give some examples for the fascinating fluid dynamics of bubbles and bubbly flows, starting from their nucleation and cavitation phenomena, then going to single bubble phenomena, and finally to bubbly flows, in which the collective effects of bubbles are key, and to mass transfer in such bubbly flows. The review ends with an outlook on future direction and open issues in the research on bubbles and bubbly flows.