The features of the local mean and fluctuational flow structure, carrier phase turbulence and the propagation of the dispersed phase in the bubbly and droplet-laden isothermal round polydispersed jets were numerically simulated. The dynamics of the polydispersed phase is predicted using the Eulerian–Eulerian two-fluid approach. Turbulence of the carrier phase is described using the second-moment closure while taking into account the presence of the dispersed phase. The numerical analysis was performed in a wide range of variation of dispersed phase diameter at the inlet and particle-to-fluid density ratio (from gas flow laden with water droplets to carrier fluid flow laden with gas bubbles). An increase in the concentration of air bubbles and their size leads to jet expansion (as compared to a single-phase jet up to 40%), which indicates an increase in the intensity of the process of turbulent mixing with the surrounding space. However, this makes the gas-droplet jet narrower (up to 15%) and with a longer range in comparison with a single-phase flow. The addition of finely dispersed liquid droplets to an air jet suppresses gas phase turbulence (up to 15%). In a bubbly jet, it is found that small bubbles (Stk < 0.1) accumulate near the jet axis in the initial cross-sections, while concentration of the large ones (Stk > 0.2) along the jet axis decreases rapidly. In the gas-droplet jet, the effect of dispersed phase accumulation is also observed in the initial cross-section, and then its concentration decreases gradually along the jet axis. For gas bubbles (Stk < 0.1), small turbulence attenuation (up to 6%) is shown.