Classical and quantum theory of spin waves in the vortex state of a mesoscopic submicron magnetic disk have been developed with account of the finite mass density of the vortex. Oscillations of the vortex core resemble oscillations of a charged string in a potential well in the presence of the magnetic field. A conventional gyrotropic frequency appears as a gap in the spectrum of spin waves of the vortex. The mass of the vortex has been computed, and the result agrees with experimental findings. The finite vortex mass generates a high-frequency branch of spin waves. The effects of an external magnetic field and dissipation have been addressed.