This chapter reviews the following items: 1. Energy deposition and track structure of fast positrons: ionization slowing down, number of ion-electron pairs, typical sizes, thermalization, electrostatic interaction between e + and its blob, effect of local heating;2. Positronium formation in condensed media: the Ore model, quasifree Ps state, intratrack mechanism of Ps formation;3. Fast intratrack diffusion-controlled reactions: Ps oxidation and ortho-para conversion by radiolytic products, reaction rate constants, interpretation of the PAL spectra in water at different temperatures; 4. Ps bubble models. "Non-point" positronium: wave function, energy contributions, relationship between the pick-off annihilation rate and the bubble radius.