A bubble generating toy includes a bubble forming assembly mounted inside a housing behind a front opening thereof. The bubble forming assembly includes a cylindrical body having diametric inlet and outlet, a cylindrical air gate having diametric inlet and outlet. The air gate is rotatable in the cylindrical body between a closed position and open position when the inlets and outlets are aligned. A sleeve extends perpendicularly from the outlet of the cylindrical body and has a bubble ring. Bubble forming liquid is pumped from a container, through a tube and into the sleeve by a pump to form a bubble film across the bubble ring. An air blower blows are through the sleeve and the bubble ring to generate bubbles.