Fluid flows that transfer heat and mass often involve drops and bubbles, particularly if there are changes of phase in the fluid in the formation or condensation of steam, for example. Such flows pose problems for the chemical and mechanical engineer significantly different from those posed by single-phase flows. This book reviews the current state of the field and will serve as a reference for researchers, engineers, teachers, and students concerned with transport phenomena. It begins with a review of the basics of fluid flow and a discussion of the shapes and sizes of fluid particles and the factors that determine these. The discussion then turns to flows at low Reynolds numbers, including effects due to phase changes or to large radial inertia. Flows at intermediate and high Reynolds numbers are treated from a numerical perspective, with reference to experimental results. The next chapter considers the effects of solid walls on fluid particles, treating both the statics and dynamics of the particle-wall interaction and the effects of phase changes at a solid wall. This is followed by a discussion of the formation and breakup of drops and bubbles, both with and without phase changes. The last two chapters discuss compound drops and bubbles, primarily in three-phase systems, and special topics, such as transport in an electric field.