Bubble flow is present in many processes that are the subject of chemical engineering research. Many correlations for determination of the equivalent bubble diameter can be found in the scientific literature. However, there are only few describing the formation of gas bubbles in flowing liquid. Such a phenomenon occurs for instance in airlift apparatuses. Liquid flowing around the gas bubble creates a hydraulic drag force that leads to reduction of the formed bubble diameter. Usually the value of the hydraulic drag coefficient, cD, for bubble formation in the flowing liquid is assumed to be equal to the drag coefficient for bubbles rising in the stagnant liquid, which is far from the reality. Therefore, in this study, to determine the value of the drag coefficient of bubbles forming in flowing liquid, the diameter of the bubbles formed at different liquid velocity was measured using the shadowgraphy method. Using the balance of forces affecting the bubble formed in the coflowing liquid, the hydraulic drag coefficient was determined. The obtained values of the drag coefficient differed significantly from those calculated using the correlation for gas bubble rising in stagnant liquid. The proposed correlation allowed the determination of the diameter of the gas bubble with satisfactory accuracy.