Three models of the sonoluminescence source formation are considered: the shock free compres sion model, the shock wave model, and the polarization model. Each of them is tested by experimental data on the size of the radiating region and the angular radiation pattern; the shape and duration of the radiation pulse; the influence of the type of liquid, gas composition, surfactants, sound frequency, and temperature of the liquid on the radiation intensity; the characteristics of the shock wave in the liquid; and the radiation spec tra. It is shown that the most adequate qualitative explanation of the entire set of experimental data is given by the polarization model. Methods for verifying the model are proposed. Publications devoted to studying the possibility a thermonuclear fusion reaction in a cavitation system are reviewed.