The formation of a condensation detonation wave has been experimentally observed in the shock-induced thermal decomposition of acetylene. The stable detonation wave in the 20% C2H2 + 80% Ar mixture has been obtained at an initial pressure behind the shock wave of no less than 30 atm. The main kinetic characteristics of the pyrolysis of acetylene—the period of the induction of condensation and the growth rate constant of condensed particles—have been determined. The correlation of various stages of the process with the heat release in the condensation has been analyzed. It has been shown that the period of the particle growth induction is not accompanied by noticeable heat release. The subsequent condensation stages characterized by significant heat release occur very rapidly (faster than 10−5 s) in the so-called explosive condensation. The analysis of the results indicates that the reactions leading to the growth of large polyhydrocarbon molecules, which precede the formation of condensed carbon particles, constitute the limiting stage of the process, which determines the possibility of the formation of the condensation detonation wave in acetylene. An increase in the pressure is accompanied by the sharp narrowing of the induction region and the transition of the process to the condensation detonation wave.