Bitumen flotation hydrodynamics in water-based oil sand extraction is critically reviewed by comparing aeration of oil sand slurries with mineral flotation. The role of the two-stage particle-bubble attachment model in flotation is emphasized as a means to accelerate bitumen flotation recovery. It involves the generation of micro/nanobubbles and their frosting on hydrophobic bitumen droplets, followed by their attachment to a flotation-size bubble via its coalescence with the nanobubbles frosted on the bitumen. Nanobubble generation by hydrodynamic cavitation demonstrates that the size of nanobubbles can be reduced, and the number of nanobubbles increased by fast liquid flow, intensified agitation, high dissolved gas content and surfactant concentration. The mechanism of pre-existing gas nuclei in enhancing nanobubble generation by cavitation is utilized to produce a large volume of stabilized nanobubbles for practical flotation, by continuously recirculating the stream through a gas saturation tank or a cavitation tube. The aeration of oil sand slurries in hydrotransport pipelines is analyzed based on its similarity to dissolved air flotation. Bitumen extraction recovery increased significantly with the presence of nanobubbles in the system. The role of improved flotation hydrodynamics in bitumen recovery is briefly discussed in terms of the Suncor operation using flotation columns to process oil sand middling streams. Future research should be directed at understanding bitumen flotation kinetics, optimizing size ranges of nanobubbles for maximized flotation recovery, minimizing wearing of cavitation tubes in industrial operations, and intensifying the role of in-situ nanobubble nucleation on hydrophobic particles/bitumen droplets in flotation, especially for bitumen extraction from underperforming oil sands.