Correlation between the number of cavitation bubbles and sonochemical reaction in an ultrasonic standing wave field at various contents of dissolved air is studied experimentally with light scattering by cavitation bubbles and absorbance with iodine liberation from KI aqueous solution by ultrasonic irradiation. When a thin light sheet finer than half of wavelength of sound is introduced into the cavitation bubbles at an antinode of sound pressure, the scattered light intensity oscillates. The peak-to-peak light intensity corresponds to the number of the bubbles which contribute to the sonochemical reaction because the radius for oscillating bubbles at pressure antinode is restrictive in a certain range due to the shape instability and the action of Bjerknes force that expels from antinode bubbles larger than the resonant size. It is shown that, as the air content varies, the tendency in the peak-to-peak intensity is in good agreement with the tendency for the yield in the sonochemical reaction of the liberation of iodine from a KI solution under the irradiation of ultrasound.