In this study, we may be presented the carrier oscillation properties for the low-voltage varistor fabricated by a new method of three composition seed grain, in order to analyze the behavior of carriers at the its equivalent circuit model. The oscillation phenomena of carriers appeared from current-voltage characteristics under knee voltage is shown by the transient flow of nontrapped carriers group in the trap level of intergranular layer, surface state and/or depletion layer. In particularly, current oscillation phenomena is hardly shown in the high electric field. It is that the injected carriers from both electrodes are directly from the conduction band of forward biased ZnO grain through the intergranular layer into the reverse biased ZnO grain, because the trap level in the electric field above the knee voltage is mostly filled.