An experimental study was conducted to study the internal and external two-phase flow in an effervescent atomizer using high-speed imaging. The impact of the aerator tube configuration and mixing zone length on the size of bubbles inside the mixing zone and the spray droplet characteristics at different gas-to-liquid flow rates ratios were studied. An aerator tube with the conical end base was manufactured and tested. It is observed that the separation bubble at the trailing edge is suppressed by this configuration, which resulted in more uniform and smaller bubbles compared to the standard aerator tube with a flat base. The length of the mixing zone was found to have an impact on the bubble size distribution inside the mixing zone; more uniform and smaller bubbles are generated in the shorter mixing zone. The mixing zone length, however, does not show a distinct impact on the droplet velocity and size. It is concluded that a conical base aerator tube and a shorter mixing zone could significantly improve the spray steadiness and the atomization process.