Monodispersed microbubbles and microdroplets are widely used as reaction carriers in microfluidics. Inthis study, the generation processes of bubbles and droplets in a step-emulsification microfluidic deviceare compared to show the similarities and differences in the emulsification process. By changing theplacement of the microdevice, the effects of buoyancy and gravity on the generation of bubbles and dropletsare introduced, and the feedback mechanism of the bubble layer and the effect of droplet accumulationon the emulsification process are clarified. Finally, based on the analysis of the difference of thepinch-off of the dispersed phase between the bubble and the droplet in this configuration, the Plateau-Rayleigh instability processes for the formation of bubble and droplet are revealed by using a highspeedcamera system, and the reasons for the difference of the operating ranges of the gas flow rateand liquid flow rate in the dripping flow regime are explained.