Vertical distributions of local void fraction and bubble size in air–water dispersion system were measured with a dual conductivity probe in a fully baffled dished base stirred vessel with the diameter T of 0.48m, holding 0.134m3 liquid. The impeller combination with a six parabolic blade disk turbine below two down-pumping hydrofoil propellers, identified as PDT+2CBY, was used in this study. The effects of the impeller diameter D, ranging from 0.30T to 0.40T (corresponding to D/T from 0.30 to 0.40), on the local void fraction and bubble size were investigated by both experimental and CFD simulation methods. At low superficial gas velocity VS of 0.0077m·s−1, there is no obvious difference in the local void fraction distribution for all systems with different D/T. However, at high superficial gas velocity, the system with a D/T of 0.30 leads to higher local void fraction than systems with other D/T. There is no significant variation in the axial distribution of the Sauter mean bubble size for all the systems with different D/T at the same gas superficial velocity. CFD simulation based on the two-fluid model along with the population balance model (PBM) was used to investigate the effect of the impeller diameter on the gas–liquid flows. The local void fraction predicted by the numerical simulation approach was in reasonable agreement with the experimental data.