The dynamics of collapse of a vapor bubble under the action of an instantaneously applied external pressure has been calculated. In the initial state the bubble is in thermal and mechanical equilibrium with the surrounding liquid. The bubble compression causes vapor condensation and establishment of the pressure of saturated vapor in the bubble at the interface temperature. An adiabatic increase in the temperature is presumably observed in the body of the bubble. The temperature field and the heat fluxes close to the interface have been calculated. The mass flux from the bubble has been found from the heat balance. The pressure field in the liquid was calculated for a nonviscous and incompressible liquid. As a result, a system of equations has been obtained for calculating the vapor pressure in the bubble, the bubble radius and the compression rate. The role of the condensation process in the bubble dynamics has been elucidated. The pressure and the temperature in the final stage of collapse of a bubble have been found. (C) 2016 Elsevier Ltd. All rights reserved.