A theoretical model is proposed in order to investigate rheological behavior of bubble suspension with large deformation. Theoretical constitutive equations for dilute bubble suspensions are derived by applying a deformation theory of ellipsoidal droplet [1] to a phenomenological suspension theory [2]. The rate of deformation tensor within the bubble and the time evolution of interface tensor are predicted by applying the proposed constitutive equations, which have two free fitting parameters. The transient and steady rheological properties of dilute bubble suspensions are studied for several capillary numbers (Ca) under simple shear flow and uniaxial elongational flow fields. The retraction force of the bubble caused by the interfacial tension increases as bubbles undergo deformation. The transient and steady relative viscosity decreases as Ca increases. The normal stress difference (NSD) under the simple shear has the largest value when Ca is around 1 and the ratio Of the first NSD to the second NSD has the value of 3/4 for large Ca but 2 for small Ca. In the uniaxial elongational flow, the elongational viscosity is three times as large as the shear viscosity like the Newtonian fluid.