Computational model of high-current pulsed arcdischarge in air is proposed. This is, in general, two-dimensional model with taking into account gas dynamics of the discharge channel, real air thermodynamics in a wide range of pressure and temperature, electrodynamics of the discharge including pinch effect, and radiation. One-dimensional version of the model is tested and verified on several numerical and experimental works reported recently. It is concluded that low and moderate current discharges are satisfactorily described with the developed model. Then, developed model was applied to simulate the electric discharge in air for the currents of 1 - 250 kA and characteristic rise times in 13 - 25 µs, and results of calculations were compared with experimental ones. It was concluded that most of characteristics of the discharge are predicted well. Namely, arc column radius and shock wave position agree well with experimental data for all current amplitudes and rise times considered. Radial distributions of temperature and electron density also satisfactorily agree with experimental data. It was found that pinch effect should be considered for currents higher than 100 kA.