A new model for the description of the detonation process in a two-phase heterogeneous mixture of gas bubbles in liquid is proposed. This model takes into account the compressibility and the viscosity of the liquid, the intensive evaporation of the liquid and the condensation of the vapour, the finiteness of the induction period of the chemical reaction, the change of chemical equilibrium of products at the compress-decompress bubble process, and possible soot formation in the hydrocarbon system.