This paper studies pressure waves generated by exploding a copper wire in a water medium, demonstrating the significant contribution of the vaporization process to the formation of shock waves. A test platform including a pulsed current source, wire load, chamber, and diagnostic system was developed to study the shock wave and optical emission characteristics during the explosion process. In the experiment, a total of 500 J was discharged through a copper wire load 0.2 mm in diameter and 4 cm in length. A water gap was installed adjacent to the load so that the current was diverted away from the load after breakdown occurred across the water gap. This allows the electrical energy injection into the load to be interrupted at different times and at different stages of the wire explosion process. Experimental results indicate that when the load was bypassed before the beginning of the vaporization phase, the measured peak pressure was less than 2.5 MPa. By contrast, the peak pressure increased significantly to over 6.5 MPa when the water gap broke down after the beginning of the vaporization phase. It was also found that when bypassing the load after the voltage peak, similar shock waves were produced to those from a non-bypassed load. However, the total optical emission of these bypassed loads was at least an order of magnitude smaller. These results clearly demonstrate that the vaporization process is vital to the formation of shock waves and the energy deposited after the voltage collapse may only have a limited effect.