Several MOV models have been proposed to describe the dynamic behavior of a MOV. These models differ in the calculation and adjustment of model parameters. In this paper, we present a comprehensive study on the MOV characteristics. A model with both nonlinear resistance and nonlinear inductance is proposed. The calculation method of nonlinear inductance and nonlinear resistance are presented and the algorithm for determining the nonlinear inductance model is explained. Simulations and experiments are performed to evaluate the proposed MOV model and to verify the model accuracy.