The study of lightning surge have been conducted on information and communications equipment and power system. However, the research on SMPS itself is an inactive field. This paper analyzes surge current path of flyback converter with the combination wave generator by lightning surge. Also, this paper discloses that there exists the surge current with high-frequency component besides the low-frequency component based on the standard surge current. This high-frequency surge current is the major reason to damage the semiconductor devices such as FET and IC. To confirm the validity of the proposed issue, the analysis and experimental results are presented.