Provided are a liquid treatment apparatus and a liquid treatment method for reducing the waste amount of a high-specific-gravity liquid. The liquid treatment apparatus (10) is provided with: a liquid supply pump (15) which conveys a treatment liquid (13) stored in a tank (11); a bubble tank (23) into which the treatment liquid (13) flows, and which has a float discharge port (23b) disposed near the liquid surface of the treatment liquid (13) and discharging floating substances floating on the treatment liquid (13); a fine bubble generator (17) which is disposed outside the bubble tank (23) and generates fine bubbles by mixing air into the treatment liquid (13) conveyed from the liquid supply pump (15); a separation tank (29) which is connected to the lower part of the bubble tank(23); and a circulation pipe (31) which returns the treatment liquid (13) overflowing from the liquid surface of the separation tank (29) to the tank (11).