A flow adjustable bubble aerator is formed by a water tank, an outer casing, a rear tank, an adjustment assembly, a rear seat, a ball-shaped connector and a joint seat. The adjustment assembly includes an upper fixing plate, a lower plate base and an adjustment bolt. A bottom of the adjustment bolt is provided with a tool operation part, such that a tool can be used to adjust the discharge capacity outside the bubble aerator, thereby complying with the requirements of water saving and water usage.