We analyzed wideband propagation characteristics of a microstrip transmission line based on FR-4 composite substrate using the wideband complex dielectric constant model and the phenomenological loss equivalence method. The loss calculated by constant relative permittivity and loss tangent is greatly overestimatd compared to that calculated by the frequency-dependent complex relative permittivity. This wideband analysis can be helpful to characterize high-speed and high-density transmission lines associated with the wideband dielectric characteristics and shows that the FR-4 composite substrate has high potential of high frequency circuit applications in terms o fthe propagation loss.