A recently presented novel plasma source generating discharge in liquids based on the pin-hole discharge configuration is characterized in detail. The system is supplied by DC non-pulsing high voltage of both polarities in NaCl water solutions at a conductivity range of 100-15 000 μS/cm. The discharge itself shows self-pulsing operation. The discharge ignition is observed in micro bubbles by transient discharge followed by a glow discharge in positive polarity at lower conductivities propagating inside the bubbles. At high conductivities, the glow regime is particularly replaced by a more energetic sequence of transient discharges followed by a shorter glow mode operation. The transient regime probability and its intensity are higher in the negative discharge polarity. The transient discharge produces acoustic waves and shock waves, which are observed at the moment of the bubble cavitation. The average gas temperature of 700-1500 K was calculated from the lowest OH (A-X) 0-0 band transitions. The average electron concentrations of 10 20-10 23 m −3 were calculated from H α and H β line profiles. Finally, the production of a chemically active species is determined by hydrogen peroxide energy yields related to the energy consumption of the whole interelectrode system. All these quantities are dependent on the solution conductivity, the discharge polarity, and the applied power. Supplementary material for this article is available online