Abstract: A toy nursing bottle for use with a doll is provided with a reciprocating nipple that actuates a bellows to create air bubbles in a liquid within the bottle. The toy nursing bottle includes a transparent bottle having a body portion and a neck portion, and a volume of liquid, preferably a colored liquid, in the body portion of the bottle. A resiliently compressible bellows is supported within the neck portion of the bottle. The bellows includes an outlet valve in the bottom wall for injecting air bubbles into the liquid in the bottle when the bottle is inverted and the bellows is compressed, and an inlet valve in the bottom wall for drawing air back into the bellows when the bellows is released. An elongated air inlet tube is connected to the inlet valve and extends upwardly into an air space above the volume of liquid in the bottle so that the air is drawn into the bellows from the air space.