We investigated the transient behavior of immiscible two-liquid interfaces initiated by a single rising gas bubble and characterized by liquid "column" and "film" morphologies. To analyze the effect of the buoyancy force, viscosity, and interfacial tension on these morphologies, the single-solution density was controlled continuously by association with the rising velocity of the bubble. It was observed that the extension of the liquid column further into the upper liquid phase owing to the wake flow under the bubble is driven by the buoyancy force, with the velocity decreasing gradually with the distance between the bubble and the liquid-liquid interface. Based on this mechanism, we determined that a strong dimensionless correlation exists between the lifetime of the column and the physical properties of the two liquid phases. On the other hand, gravitational drainage does not affect the film lifetime. However, marginal pinching is dominant, probably owing to the existence of a surface tension gradient between the film and the meniscus.