It is known that the physicochemical properties of liquids in a metastable state are mainly determined by the presence of various inclusions in their composition, for example, gas bubbles or solid particles, and it has been established that, under mechanical and thermal equilibrium, the state of a liquid with gas bubbles distributed over the volume due to the action of capillary forces at the interface, always overheated. In this paper, we consider the propagation of weak perturbations in a superheated water-air bubbly medium, when, in addition to water vapor, the bubbles contain an inert gas (for example, air) that does not participate in phase transitions. To describe the problems under consideration, a system of equations is used, which consists of the laws of conservation of mass, the number of bubbles, momentum equations, the Rayleigh–Lamb equation, the equation of heat conduction and diffusion. The solution is sought in the form of a damped traveling wave. Based on the solution of the dispersion equation, maps of the stability zones of the systems under consideration were constructed depending on the magnitude of the liquid overheating on the plane ”volume content — bubble radius“.