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Based on the experiments carried out over the past decade at microgravity conditions, an overview of our current knowledge of bubbly and slug flows is presented. The transition from bubble to slug flow, the void fraction and the pressure drop are discussed from the data collected in the literature. The transition from bubble to slug flow may be predicted by introducing a critical void fraction that depends on the fluid properties and the pipe diameter; however, the role of coalescence which controls this transition is not clearly understood. The void fraction may be accurately calculated using a drift-flux model. It is shown from local measurements that the drift of the gas with respect to the mixture is due to non-uniform radial distribution of void fraction. The pressure drop happens to be controlled by the liquid flow for bubbly flow whereas for slug flow the experimental results show that pressure drops is larger than expected. From this study, the guidelines for future research in microgravity are given.