In this paper, the flow characteristics and energy equilibrium analysis of the effervescent atomization had been investigated theoretically and experimentally. The effect of the gas–liquid rate (GLR from 0.04 to 0.15) on the atomization stability was revealed. When the GLR was small, the atomization was unstable. The atomization was gradually stable with an increase in the GLR. The optimal atomization region can be obtained. The Sauter mean diameter (SMD) of the droplets was measured by the phase Doppler analyzer. The SMD decreases with an increase in the GLR. The energy equilibrium analysis was investigated for the swirl atomizer theoretically and experimentally. The results show that the energy dissipation terms are mainly compressed gas expansion, liquid viscosity dissipation, and resistance losses. However, the ratio of the spray kinetic energy and the surface tension energy to the total energy is small.