Theoretical description of binary nucleation in cavitating liquid systems within the framework of the classical nucleation theory is presented. The theoretical predictions of the nucleation rate are compared with available experimental data in the case of four binary mixtures, i.e. diethylether - nitrogen, propane - carbon dioxide, isobutane - carbon dioxide, and chlorodifluoromethane - carbon dioxide. The predictions of the classical nucleation theory show very good agreement with the measured nucleation rates.