Gas bottom-blown reactors are widely employed in the chemical, metallurgical, and biochemical industries due to their superior mixing capabilities. This study numerically investigates the gas–liquid flow hydrodynamics and bubble dynamics in a bottom-blown system with a circular boundary using the volume of fluid approach. Following the experimental validation of the mathematical model, the study evaluates the effects of gas flow rates, liquid heights, and fluid medium properties on both the dynamics of the bubble swarm and the mixing characteristics of the flow field. The results indicate that: (1) Rising bubbles disturb the fluid, generating numerous vortices that facilitate momentum transfer for effective gas stirring; (2) The height of the liquid surface oscillation during the bottom-blown process exhibits significant temporal variation, with the peak showing clear lateral swings; (3) Due to the nonlinear interactions involving bubble coalescence and breakup during their ascent, along with constructive and destructive interference between liquid surface waves, the liquid surface can exhibit violent fluctuations at certain moments; (4) Bubble size and aspect ratio significantly influence liquid surface oscillations; (5) The bubble rising path displays instability due to vortex shedding, with some vortices forming at locations where the bubble shape changes abruptly. A bubble velocity prediction equation is proposed: uc=σ5.2737Lcρc4.2737/16156μl9.5475.