The fluid dynamics characteristics of bubbly jet in gas-liquid two-phase flow affect the mass transfer, heat transfer, and momentum exchange between gas-liquid phases, which is crucial for enhancing the mixing between gas-liquid phases. In order to explore the flow characteristics of gas-liquid two-phase flow in power-law fluids, the hydrodynamic characteristics of bubbly jet was studied by the numerical simulation method. The effects of different flow rate ratios and liquid rheological properties on gas phase velocity, bubble size, gas holdup distribution, and gas-liquid two-phase flow patterns were analyzed in water and sodium carboxymethyl cellulose (CMC) aqueous solutions with different concentrations. The results showed that due to the diffusion movement of the gas phase and the disturbance to the liquid phase environment, the vortex structure existed in the flow field, and the interaction between the gas and liquid phases was enhanced. With the increase of the flow rate ratio, the turbulence in the flow field was strong, the gas-liquid two-phase mixing was promoted, the streamline was diffused, and the distribution was scattered. The diameter of the bubble increased, and the size distribution of the bubble gradually changed from single peak to double peak with the increase of the flow rate ratio, and the distribution range of bubble diameter increased with the increase of the liquid phase concentration. Compared to tap water, the gas holdup of the bubbly jet in CMC aqueous solution was small, the bubble dispersion width increased, and the flow behavior of the bubbly jet changed. With the increase of the flow rate ratio, the turbulence in the flow field was enhanced, the volume fraction of the gas phase at the core of the bubble jet increased, the local mixing was strengthened by the vortex structure. The width of dispersion from the gas phase to the liquid phase increased, the effective contact area of the gas-liquid interface increased, and the mass transfer efficiency between the gas-liquid phases increased. The dispersion effect was obvious with the increase of the liquid phase concentration.