Low-frequency hysteresis flow and pulsating pressure caused by underwater explosion bubbles can cause overall damage to ships. The hydrodynamic and energy conversion of bubbles are very important in studying underwater explosion bubbles. At present the study of bubble dynamics is based on ideal gas hypothesis, which does not involve heat exchange and is only suitable for bubbles of chemical detonating, but not for bubbles at higher temperatures. The evolution of underwater explosion bubbles is studied experimentally by underwater exploding wire. There is obvious heat exchange during the evolution of bubbles, which is different from bubble behavior in chemical detonating underwater. This study focuses on pulsating behavior and energy characteristic of bubbles, and the difference from chemical detonating as well. The experimental facility is mainly composed of two parallel energy storage-discharge modules and a water tank. Each module is composed of two 20 μF capacitors connected and a gas switch connected in series with these two capacitors. A copper wire with a diameter of 0.9 mm and a length of 50 mm is used as a load. The experimental results show that the deposited energy density generated by electric explosion is almost equal to that of TNT. The wire plasma expansion produces an initial bubble with temperature of radially spatial distribution. The total pulsation frequency of bubble will not exceed 4 times. After energy exhaustion, bubbles collapse directly into water because the main component is condensable gas. The comparison of the experimental data with the existing theoretical models shows that the vaporization of water in bubble expansion stage leads to certain energy loss, which makes difference in motion trajectory of bubbles between the simulation and the experiment. This study provides ideas and data support for the dynamical study of high temperature bubbles in underwater explosion.