The influence of the liquid viscosity and compressibility on the dynamics of two air bubbles (with equilibrium radii of 5 μm) in water at room conditions under the action of a plane ultrasonic wave traveling along the line of the bubble centers (the wavelength is 5000 μm, the amplitude is 0.3 bar) is studied. The initial distance between the centers of the bubbles is six bubble radii. A mathematical model is used, which is fourth-order accurate in terms of the ratio of the radius of the bubbles to the distance between them. It is shown that the spatial displacements of the bubbles are determined mainly by their hydrodynamic interaction. The influence of the liquid viscosity and compressibility is generally significant, and the viscosity affects much more. Without account of the liquid viscosity and compressibility, the bubbles collide with each other after the action of 4.5 running-wave lengths. With taking into account the liquid compressibility, the bubbles under the same action remain remote at a distance on the order of their equilibrium radii, while with additionally allowing for the liquid viscosity, their spacing is kept close to the initial one.