Gas-liquid bubbly flows are present in many industrial applications such as oil-gas production and nuclear reactors. In those fields, the proper functioning of the equipments is significantly affected by the two-phase flow. Hence, the development of analysis and optimization tools for multiphase systems is of great importance. This study presents Topology Optimization (TO) formulation using the density-based approach for the design of flow path considering bubbly two-phase flow. Particularly, it is considered cases comprising steady-state flow of a liquid phase with dispersed gas bubbles of immiscible compositions. The flow field is simulated using the two-fluid Euler-Euler model, which solves the set of transport equations for each phase separately, and the coupling is achieved by sharing the pressure field and applying models for their interaction. This approach was validated by Antal et al [1] using experimental data of vertical pipe flows. The scope of TO for fluid flow problems was extended for complex multiphase flows in the recent years. Andreasen [2] presents a TO framework for the design of microfluidic particle manipulators using an Euler-Lagrange approach. The Euler–Euler approach was applied by Prado [3] and Chen and Yaji [4] to carry out TO of different solid particle systems. Despite these advances, no previous study has addressed the TO for bubbly flow. In the present work, the optimization problem consists of defining a flow path of liquid with bubbles that minimizes an objective function defined by the energy dissipation generated by the two-phase flow. The capability of the proposed methodology is demonstrated by applying it to the optimization of different bubbly flow configurations.