A time-resolved two-phase PIV system using a single camera has been developed, which introduces a method of image separation into respective phase images, and is applied to freely rising single bubble. Gas bubble, tracer particle and background have different gray intensity ranges on the same image frame when reflection and dispersion in the phase interface are intrinsically eliminated by optical filters and fluorescent particles. Further, the signals of the two phases do not interfere with each other. Gas phase velocities are obtained from the separated bubble image by applying the two-frame PTV. On the other hand, liquid phase velocities are obtained from the tracer particle image by applying the cross-correlation algorithm. As a result, the bubble rises rectilinearly just after it is released from an injector and then has a zigzag motion in the far field. From the trajectory of the bubble, it is found that the period of the zigzag motion is closely related to the vortex shedding although the wavelength of it varies along its movement.