The turbulent structure of microbubble flow in a horizontal channel is experimentally investigated using imaging techniques in order to clarify the mechanism for a drag reduction caused by microbubbles. A measurement system of both liquid phase and bubbles is proposed based on the combination of Particle Tracking Velocimetry, Laser Induced Fluorescence, and Infrared Shadow Technique (PTV/LIF/IST). The experimental results show that the Reynolds stress of liquid phase in microbubble flow becomes smaller than that in single-phase flow. The bubble deformation makes a Reynolds stress in liquid phase decrease.