We have measured the equation of state for liquid nitrogen compressed dynamically to a pressure of 10-60 GPa by employing a two-stage light-gas gun. The data show a continuous phase transition above the shock pressure of 33 GPa, as indicated previously by shock wave experiments. A theoretical model has been derived to examine the experimental data by inducing a molecular dissociative fraction. According to theoretical and experimental data the phase transition was thought to be a molecular dissociative phase transition.