We investigate nonlinear pseudodifferential equations with infinitely many derivatives. These are equations of a new class, and they originally appeared in p-adic string theory. Their investigation is of interest in mathematical physics and its applications, in particular, in string theory and cosmology We undertake a systematic mathematical investigation of the properties of these equations and prove the main uniqueness theorem for the solution in an algebra of generalized functions. We discuss boundary problems for bounded solutions and prove the existence theorem for spatially homogeneous solutions for odd p. For even p, we prove the absence of a, continuous nonnegative solution interpolating between two vacuums and indicate the possible existence of discontinuous solutions. We also consider the multidimensional equation and discuss soliton and q-brane solutions.