The collision of bubbles in multiphase reactors is critical to bubble size distribution. However, the theoretical models that can reasonably predict collision outcomes and the experimental data that can be used to directly verify the models are still very lacking. We studied the collision of two bubbles in clean water through experiments and theoretical modeling, revealing the mechanism that the collision result shifts from coalescence to rebound with increasing collision velocity. The macroscopic deformation (MacrD) of bubbles is associated with the film drainage via a segmented linear equation as a function of the film radius and initial Weber number. Thus, the current model can reflect the effect of MacrD in a self‐consistent way. The coalescence times and critical coalescence velocities predicted by the model were in good agreement with the experiments. This work provides novel insights into bubble coalescence modeling and serves to improve the accuracy of reactor simulations.