We discuss the implications of the recent X-ray and TeV γ-ray observations of the PSR B1259–63 system (a young rotation powered pulsar orbiting a Be star) for the theoretical models of interaction of pulsar and stellar winds. We show that previously considered models have problems to account for the observed behaviour of the system. We develop a model in which the broad band emission from the binary system is produced in result of collisions of GeV–TeV energy protons accelerated by the pulsar wind and interacting with the stellar disk. In this model the high energy γ-rays are produced in the decays of secondary neutral pions, while radio and X-ray emission are synchrotron and inverse Compton emission produced by low-energy (≤100 MeV) electrons from the decays of secondary charged π ± mesons. This model can explain not only the observed energy spectra, but also the correlations between TeV, X-ray and radio emission components.