Nanobubble is a rising research field, which attracts more and more attentions due to its potential applications in medical science, catalysis, electrochemistry and etc. To better implement these applications, it is urgent to understand one of the most important mechanisms of nanobubbles, the evolution. However, few attentions have been paid in this aspect because of the methodology difficulties. Here we successfully used dark-field microscopy to study the evolution process of single nanobubbles generated from formic acid dehydrogenation on single Pd-Ag nanoplates. We found some of the nanobubbles in this system can exhibit three distinct states representing different sizes, which can transform among each other. These transitions are not direct but through some intermediate states. Further kinetic analysis reveals complicated mechanisms behind the evolution of single nanobubbles. The results acquired from this study can be applicable to nanobubble systems in general and provide insights into the understanding of mechanisms affecting the stability of nanobubbles and their applications.