Unsteady wave processes in vapor-liquid media containing bubbles are investigated taking into account the unsteady interphase heat and mass transfer. A single velocity model of the medium with two pressures is used for this, which takes into account the radial inertia of the liquid with a change in volume of the medium and the temperature distribution in it . The system of original differential equations of the model is converted into a form suitable for carrying out numerical integration. The basic principles governing the evolution of unsteady waves are studied. The determining influence of the interphase heat and mass transfer on the wave behavior is demonstrated. It is found that the time and distance at which the waves reach a steady configuration in a vapor-liquid bubble medium are considerably less than the correponding characteristics in a gas-liquid medium. The results of the calculation are compared with experimental data. The propagation of acoustic disturbances in a liquid with vapor bubbles was studied theoretically in . The evolution of waves of small but finite amplitude propagating in one direction in a bubbling vapor-liquid medium is investigated in [3, 4] on the basis of the generalization of the Burgers-Korteweg-de Vries equation obtained by the authors. An experimental investigation of shock waves in such a medium is reported in [5, 6], and the structure of steady shock waves is discussed .