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 to study underwater explosion bubbles. At present the study of bubble dynamics is based on ideal gas hypothesis, which is without thermal exchange and only suitable for bubbles of chemical detonating, but not for bubbles with higher temperature. The experimental study on the evolution of underwater explosion bubbles was carried out by underwater exploding wire. There is obvious thermal exchange during the evolution of bubbles, that is different from bubble behavior in chemical detonating underwater. Pulsating behavior and energy characteristic of bubbles are the focus of this study, as well as the difference from chemical detonating. 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 and a gas switch located between the capacitors in series. A copper wire with a diameter of 0.9 mm and a length of 50 mm was used as the 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 radially spatial distribution. The times of bubble pulsation are less than 4. After energy exhaustion, bubbles collapse directly into water because the main component is metal vapor. By comparing the experimental data with the existing theoretical models, it is found that the vaporization of water in bubble expansion stage leads to certain energy loss, which makes difference on the motion trajectory of bubbles between the simulation and the experiment. This paper provides ideas and data support for the dynamic study of high temperature bubbles in underwater explosion.