An analysis of the dispersion of bubbles in homogenous and isotropic turbulent liquid flows was performed to study the effects of bubble and flow characteristics on their dispersion. Bubbles were assumed to be spherical and to follow the fluid motion in the mean. No mass transfer occurred between the bubble and liquid; also, there was no interaction between individual bubbles. It was found that for accurate prediction of bubble dispersion requires a simultaneous consideration of the inertia of the added mass of liquid (because the inertia of the bubble itself is small) and the bubble rise velocity. Normalized bubble diffusivity, root-mean-square fluctuating velocity, and Lagrangian integral time scale were related to two non-dimensional parameters: ratio of the added mass response time to the liquid flow integral time scale, and the ratio of the bubble rise velocity to the root-mean-square liquid velocity fluctuation. In general, the bubble Lagrangian velocity auto-correlations decreased as the rise velocity ratio increased. The dependence of the autocorrelations on the time-scale ratio was complex. A surprising result was that the bubble velocity fluctuations could exceed the liquid velocity fluctuations for certain conditions because of their low inertia.