This study theoretically clarifies an effect of the liquid viscosity and the thermal conductivity on weakly nonlinear propagation of pressure waves in a liquid containing many spherical microbubbles. As in our preceding paper (Kamei et al., J. JSCE, Ser. A2, 75 (2019), 499) focusing on a long wave, by the use of the method of multiple scales, a nonlinear Schrödinger equation describing the long-range propagation of an envelope wave of short carrier wave is derived from the basic equations incorporating the liquid viscosity and the thermal conductivity. As a result, as in our preceding long wave case, the liquid viscosity and the thermal conductivity affect the dissipation effect, and a nonlinear effect in the adiabatic process decreases in comparison with the previous study (Kanagawa et al., J. Fluid Sci. Technol., 6 (2011), 838). On the other hand, unlike in our preceding long wave case, a dispersion effect in the adiabatic process decreases in comparison with the previous study.