The flow of dispersed gas bubbles in a viscous liquid can create a bubbly, slug bubble, or elongated bubble flow regime. A slug bubble flow, characterized by bubble sizes equal to the hydraulic diameter of the channel, is a transition regime with a complex local flow field that has received little attention in the past. In this study, dynamics of this flow regime in a square capillary with a cross-sectional area of 3 × 3 mm2 was studied analytically and experimentally. The main geometric parameters of the flow field, such as film and corner thicknesses and volume fraction, were calculated for different flow conditions based on a semi-empirical approach. Using velocity fields from particle image velocimetry (PIV), combined with the analytical equations derived, local mean variations of the film and corner flow thicknesses and velocity were analyzed in detail. Analysis of the results reveals a linear relation between the bubble speed and the liquid slug velocity that was obtained using sum-of-correlation PIV. Local backflow, where the liquid locally flows in the reverse direction, was demonstrated to occur in the slug bubble flow, and the theoretical analysis showed that it can be characterized based on the bubble cross-sectional area and ratio of the liquid slug and bubble speed. The backflow phenomenon is only contributed to the channel corners, where the speed of liquid can increase to the bubble speed. However, there is no evidence of reverse flow in the liquid film for the flow conditions analyzed in this study.