The incorporation of bubbles in foods has created a positive market response from consumers since their first introduction over 70 years ago and has resulted in an expanding market over this period. However, although the physics and chemistry of most ingredients in commercial food products are reasonably well understood, the behaviour of bubbles in foods are much less established and their behaviour not fully appreciated. In fact, bubbles are perhaps the least studied of all food ingredients even though aeration is still one of the fastest growing unit operations in processing. Although many of these manufactured aerated food products are perceived as lighter with lower calorific values, problems in manufacturing remain even today and it is generally difficult to optimize the size, the size distribution, the deviation the from spherical shapes and the stability of the bubbles during the different stages of the processing. In this review, we discuss the dispersion of the various food ingredients and the different processes involved in introducing bubbles into the melt, producing well dispersed multiphase systems. The second part of this review focusses on aerated chocolate and the above aspects are particularly important and are discussed in some detail since it has been well established that the bubble size and size distribution can influence the texture, the mouthfeel, the crispness, the melting temperature, and the brittleness of the product. Understanding the science involved in the transformation from the liquid state containing dispersed bubbles to a solid chocolate foam, stabilization of the bubbles and the control of the bubble size are highlighted. Although CO2 is usually used to generate bubbles in chocolate, several different gases including N2O, Ar and N2 have also been evaluated. One of the research aims of food companies is to improve control over the stability of the systems. This has been investigated with respect to drainage, by carrying out experiments under zero gravity conditions.