In predicting the void fraction in subcooled flow boiling, accurate evaluation of single bubble behaviors is of considerable importance. In particular, bubble lift-off velocity affects the void fraction significantly since the bubble disappear quickly due to heat transfer with subcooled liquid if the lift-off velocity is high. In this study, the process of bubble lift-off was experimentally investigated to develop mechanistic correlations for the bubble lift-off velocity. In the development of the correlations, it was assumed that the bubble lift-off velocity in the horizontal direction is proportional to the bubble growth rate and that in the vertical direction is determined primarily by the local liquid velocity evaluated at the bubble center position. Then, impact of the bubble lift-off velocity on the void fraction was explored through numerical simulations. In the simulations, the bubble lift-off velocity in the lateral direction was parametrically changed. It was shown that the mean void fraction decreases with an increase in the lateral bubble lift-off velocity since the bubble condensation is enhanced. It was therefore confirmed that accurate evaluation of the bubble lift-off velocity is important for high accuracy prediction of the void fraction.