The flow structure of a bubbly impinging jet in the presence of heat transfer between the two-phase flow and the surface is numerically investigated on the basis of the Eulerian approach. The model uses the system of Reynolds-averaged Navier–Stokes equations in the axisymmetric approximation written with account for the inverse effect of the bubbles on the average and fluctuating flow parameters. The influence of the gas volumetric flow rate ratio and the dimensions of the bubbles on the flow structure in a gas-liquid impinging jet is studied, In the presence of gas bubbles the liquid velocity is higher than the corresponding value in the single-phase flow. A considerable, more than twofold, anisotropy between the axial and radial turbulent fluctuations in the gas-liquid impinging jet is shown to exist. An addition of air bubbles leads to a considerable growth in the liquid velocity fluctuations in the two-phase flow (up to 50% compared with the single-fluid liquid impinging jet). An increase in the disperse phase dimensions leads to intensification of turbulence of the liquid.