A plasma created by exploding a thin lithium wire in a vacuum is analyzed using a magnetohydrodynamic (MHD) model. The two‐temperature MHD equations including finite thermal conductivity and electrical resistivity are derived in one‐dimensional cylindrical geometry. The resulting system of six coupled nonlinear partial differential equations in six unknowns is then solved numerically. Results of the calculation including spatial dependence of density, temperature, and magnetic field and time dependence of the radial profile and average temperature are given. These calculated properties are compared to available experimental results, giving favorable agreement.