This paper presents numerical simulations of two-phase flow with high-density ratio, taking into account mass transport of a soluble component and its interfacial mass transfer. The mathematical model and the numerical method allow for different solubility of the species in the respective fluid phases, while volume changes due to mass transfer are neglected. The discontinuous changes in species concentrations at the interface are modeled by means of Henry’s law. Simulations are carried out with an extended version of the highly parallelized code FS3D, which employs an advanced Volume-Of-Fluid (VOF) method. Transfer and transport of oxygen is examined in case of single bubbles as well as bubble chains rising in aqueous solutions. Numerical simulations show good qualitative agreement with experimental data and render the observed mass transfer phenomena correctly.