We study entanglement between field modes in the process of nondegener
ate two-photon down-conversion with quantized pump. We show that due t
o the quantum nature of the dynamics, strong entanglement between the
pump and the signal-idler subsystems can be observed. We find that the
higher the initial intensity of the pump mode the stronger the entang
lement between the pump and the signal-idler subsystem is established
during the first instants of the time evolution. We also show that the
signal and the idler modes are strongly entangled (correlated). This
entanglement is much stronger than the entanglement between the pump a
nd the signal-idler subsystem. Correlation between the signal and the
idler modes leads to a high degree of two-mode squeezing, which can be
observed during the first instants of the time evolution when the pum
p mode is still approximately in a pure state. On the other hand, the
back action of the signal-idler subsystem on the pump mode leads to a
strong single-mode squeezing of the pump mode. At the time interval du
ring which squeezing of the pump mode can be observed the pump mode is
far from being in the minimum uncertainty state. We also analyze the
longtime behavior of the quantum-optical system under consideration an
d we show that the interesting collapse-revival effect in the time evo
lution of the mean photon number and of the purity parameters of field
modes can be observed. Finally, we show that the degree of entangleme
nt between modes in the nondegenerate quantum-optical down-conversion
strongly depends on the initial state of the system.