In simulating two-phase flows, the volume-of-fluid (VOF) method has the advantage of mass conservation while with the level-set (LS) method, the surface tension force can be calculated more accurately. In this study, we present a coupling method which combines the advantages of both methods. The volume-of-fluid (VOF) method adopted in the calculation is the conservative interpolation scheme for interface tracking method proposed recently by the authors. Based on the location of the interface calculated from the VOF, the LS function is obtained by solving the equation used in the LS method for re-initialization without needing to solve its advection equation. A high-resolution-bounded scheme within the frame of finite-volume methods is used to solve the re-initialization equation. This scheme is verified by considering a variety of interface geometries. A circular bubble at equilibrium is used to assess the coupled LS and VOF method by examining the spurious currents generated in the bubble. Three-dimensional calculations are conducted to study the rising of a bubble in the quiescent water.