Experiments are carried out by using high-speed photography to investigate the interaction between the spark-generated cavitation bubble and the air bubble in its surrounding fluid. Three problems are discussed in detail: the impact of the air bubble upon the development of the cavitation bubble, the evolution of the air bubble under the influence of the cavitation bubble, and the change of the fluid pressure during the development of a micro jet of the cavitation bubble. Based on the experimental results, under the condition of no air bubble present, the lifetime of the cavitation bubble from expansion to contraction increases with the increase of the maximum radius. On the other hand, when there is an air bubble present, different sized cavitation bubbles have similarity with one another generally in terms of the lifetime from expansion to contraction, which does not depend on the maximum radius. Also, with the presence of an air bubble, the lifetime of the smaller cavitation bubble is extended while that of the bigger ones reduced. Furthermore, it is shown in the experiment that the low pressure formed in the opposite direction to the cavitation bubble micro jet makes the air bubble in the low pressure area being stretched into a steplike shape.