Time evolution of a nonequilibrium polariton condensate has been studied in the framework of a microscopic approach. It has been shown that due to polariton-polariton scattering a significant condensate depletion takes place in a comparatively short time interval. The condensate decay occurs in the form of multiple echo signals. Distribution-function dynamics of noncondensate polaritons have been investigated. It has been shown that at the initial stage of evolution the distribution function has the form of a bell. Then oscillations arise in the contour of the distribution function, which further transform into small chaotic ripples. The appearance of a short-wavelength wing of the distribution function has been demonstrated. We have pointed out the enhancement and then partial extinction of the sharp extra peak arising within the time interval characterized by small values of polariton condensate density and its relatively slow changes.