Analysis of the data obtained with the RXTE observatory during a powerful outburst of the X-ray pulsar V0332+53 in 2004-2005 is presented. Observational data covering the outburst brightening phase are analysed in detail for the first time. A comparison of source parameters and their evolution during the brightening and fading phases shows no evidence for any hysteresis behaviour. It is found that the dependences of the energy of the cyclotron absorption line on the luminosity during the brightening and fading phases are almost identical. The complete data sequence including the outburst brightening and fading phases makes it possible to impose the more stringent constraints on the magnetic field in the source. The pulse profile and pulsed fraction are studied as functions of the luminosity and photon energy.