The present invention provides a liquid and bubble separator of water circulation system, which is mounted on one side of a film filtering unit, and comprises a cylindrical vessel, a water pump, a foam collecting tank, and at least one fine bubble generating unit. When the water is pumped to a mixing chamber through a water inlet of the fine bubble generating unit, it is fully stirred together with the gas pumped from an air pipe to form a water body with a significant amount of fine bubbles, such that the protein, residual baits, excrements, and larger particles in the water body can be accumulated on the surface of the bubbles, and then pushed upward through a water reflow port to be discharged to the foam collecting tank. After the bubbles reached the separation interface, the water body finally passes through a water discharge pipe of the cylindrical vessel to be discharged to a culture tank for the following solid and liquid separation.一種循環水系統之液泡分離器,該液泡分離器可裝設在一膜過濾單元一側,且包含一筒槽、一抽水泵浦、一集沫槽及至少一微細氣泡產生單元,當水液經該微細氣泡產生單元的一入水口泵送至一混合室時,與一空氣管所抽送的氣體充份攪拌,以形成帶有大量微細氣泡的水體,使水體中的蛋白質、殘餌、排洩物與較大顆粒能積聚在氣泡表面,並通過一迴水口向上推升,以排至一集沫槽,而與氣泡到達分離界面後的水體,最後通過該筒槽的一出水管排至該養殖槽,以利續行固液分離。100‧‧‧液泡分離器40‧‧‧筒槽41‧‧‧筒壁42‧‧‧容水室43‧‧‧進水管44‧‧‧出水管440‧‧‧出水口45‧‧‧導氣孔46‧‧‧排沫孔50‧‧‧抽水泵浦60‧‧‧集沫槽61‧‧‧收集管70‧‧‧微細氣泡產生單元73‧‧‧入水口74‧‧‧空氣管75‧‧‧迴水口80‧‧‧樞接套管90‧‧‧臭氧產生器91‧‧‧臭氧排放口