An experimental study is conducted on the condensation behavior, onset of chugging, fluid oscillation, and pressure oscillation when a steam–air mixture is injected vertically into subcooled water at a low mass flux. Air is present in the form of dispersive small bubbles after condensation at a low water temperature and in the shape of a toroid at a high water temperature. Bubble resonance is first observed experimentally; a large bubble is almost stationary below the pipe outlet and air is sustainably released by small bubbles from the upper surface. The upper air mass fraction of chugging is obtained and compared with a transient conduction–diffusion model and momentum balance model. The dependence of different parameters on the amplitude, frequency, and probability of fluid oscillation is analyzed. A new frequency correlation modified with probability is developed and shows good agreement with the experimental data. During bubble resonance, the wave shape of pressure oscillation is harmonic with the frequency at about 35 Hz, and the intensity is larger than that under pure steam conditions. When bubble resonance does not occur, the presence of air can reduce the pressure oscillation intensity.