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In this thesis, ZnO varistors with various formulation, such as A~E, were fabricated accoding to ceramic fabrication method. The microstructure, electrical properties, and surge characteristics of ZnO varistors were investigated according to ZnO varistors with various formulation. In the microstructure, A~E's ZnO varistor ceramics sintered at 1130℃ was consisted of ZnO grain(ZnO), spinel phase (Zn2.33Sb0.67O4), Bi-rich phase(Bi2O3) and intergranuler phase, wholly. Lightning impulse residual voltage of A, B, C and E's ZnO varistors suited standard characteristics, below 12㎸ at current of 5㎄. On the contrary, D's ZnO varistor exhibited high residual voltage as high reference voltage. In the accelerated aging test, leakage current and watt loss of B, C and D's ZnO varistors increases abruptly with stress time under the first a.c. stress(115℃/3.213㎸/300h). Consequently, C varistor exhibited a thermal run away. On the contrary, leakage current and watt loss of A and C's ZnO varistors which show low initial leakage current exhibited constant characteristics. After high current impulse test, A's ZnO varistor has broken the side of varistor but impulse current flowed. On the contrary, E's ZnO varistor exhibited good discharge characteristics which the appearance of varistor was not wrong such as puncture, flashover, creaking and other significant damage. After long duration impulse current test, E's ZnO varistor exhibited good discharge characteristics which the appearance of varistor was not wrong such as puncture, flashover, creaking and other significant damage. After high current impulse test and long duration impulse current test, E's ZnO varistor exhibited very good characteristics which variation rate of residual voltage is 1.4% before and after test.