A highly ionized plasma was produced by laser‐induced breakdown in helium at a pressure of 360 Torr. Line and continuum emission from the plasma were studied as a function of time and of position along the axis of the laser beam. Plasma parameters were then deduced from Stark widths, line‐to‐continuum, and line‐to‐line intensity ratios. The applicability of the various methods used to the case of a rapidly decaying laser‐produced plasma is discussed. The decay of the plasma is analyzed and the observed decay coefficients are compared with theoretical calculations.