The motion of air bubbles within a liquid plays a crucial role in various aspects including heat transfer and material quality. In the context of non-Newtonian fluids, such as elastoviscoplastic fluids, the presence of air bubbles significantly influences the viscosity of the liquid. This study presents the development of an interface-capturing method for multiphase viscoelastic fluid flow simulations. The proposed algorithm utilizes a geometric volume of fluid (isoAdvector) approach and incorporates a reconstructed distance function (RDF) to determine interface curvature instead of relying on volume fraction gradients. Additionally, a piecewise linear interface construction (PLIC) scheme is employed in conjunction with the RDF-based interface reconstruction for improved accuracy and robustness. The validation of the multiphase viscoelastic PLIC-RDF isoAdvector (MVP-RIA) algorithm involved simulations of the buoyancy-driven rise of a bubble in fluids with varying degrees of rheological complexity. First, the newly developed algorithm was applied to investigate the buoyancy-driven rise of a bubble in a Newtonian fluid on an unbounded domain. The results show excellent agreement with experimental and theoretical findings, capturing the bubble shape and velocity accurately. Next, the algorithm was extended to simulate the buoyancy-driven rise of a bubble in a viscoelastic shear-thinning fluid described by the Giesekus constitutive model. As the influence of normal stress surpasses surface tension, the bubble shape undergoes a transition to a prolate or teardrop shape, often exhibiting a cusp at the bubble tail. This is in contrast to the spherical, ellipsoidal, or spherical-cap shapes observed in the first case study with a bubble in a Newtonian fluid. Lastly, the algorithm was employed to study the buoyancy-driven rise of a bubble in an unbounded elastoviscoplastic medium, modeled using the Saramito-Herschel-Bulkley constitutive equation. It was observed that in very small air bubbles within the elastoviscoplastic fluid, the dominance of elasticity and capillary forces restricts the degree of bubble deformation. As the bubble volume increases, lateral stretching becomes prominent, resulting in the emergence of two tails. Ultimately, a highly elongated bubble shape with sharper tails is observed. The results show that by applying the newly developed MVP-RIA algorithm, with a tangible coarser grid compared to the algebraic VOF method, an accurate solution is achieved. This will open doors to plenty of applications such as bubble columns in reactors, oil and gas mixtures, 3D printing, polymer processing, etc.