A new scheme of thermal dissociation which is based on the dissociative evaporation of the reactant with simultaneous condensation of the low-volatile product has been invoked to interpret the kinetics of reduction of FeO, CoO, NiO and Cu2O by carbon. A critical analysis of literature data and their comparison with theoretical calculations has shown that the main kinetic characteristics of carbothermal reduction, including the initial decomposition temperature and activation energy are in full agreement with the proposed mechanism of decomposition. Condensation of the low-volatile product (metal vapour) in the reaction zone and partial transport of condensation energy to the oxide account for the features which are typical of solid stare reactions and manifest themselves in the appearance of periods of induction and acceleration in the course of the process. Carbon fulfils the role of buffer in this process. This is supported by an appearance of metals in the condensed phase and a higher than equilibrium partial pressure of oxygen in high-vacuum experiments with Knudsen cells.