As the higher impulse testing voltage, residual inductance of the test circuit or the stray capacitance of the test object increases with size. This means that the overshoot superposed on standard lightning impulse voltage would not be neglected because of its larger value during the lightning test. This paper describes the analysis of overshoot and oscillation based on the equivalent circuit containing a residual inductance. The waveform parameters such as relative overshoot magnitude, oscillation frequency are also derived to evaluate the influence of the residual inductance in the impulse testing circuit. The oscillating impulse waveform is related to the base curve of the standard lightning impulse. Furthermore, the base curve for oscillating impulse is proposed by the analysis. Copyright © 2009 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.