The presence of cavitation effects during electrohydraulic pressing is shown. The effect of cavitation on the pressure in the discharge chamber and at the blank surface is estimated using a numerical model of the axisymmetric discharge chamber developed using the LS-DYNA 971 finite element complex. The energy deposition law in a plasma channel is defined by the experimentally obtained curve. The water is defined as an ideally compressed liquid. The blank is built using one-dimensional elements with axi-symmetrical shell formulation. The calculations performed for negative cavitation thresholds of 0.1 MPa and 40 MPa have shown the negligible difference in the blank’s deformation despite the fact that pulse pressure at the blank’s surface changes significantly.