Nanosecond-level transient electromagnetic disturbance (TED), including very fast transient overvoltage caused by operation of disconnectors, high-altitude electromagnetic pulse, and many other fast transients may interfere or even damage the electrical equipment. As one of the main overvoltage protective equipment, the protective performance of metal-oxide surge arresters (MOAs) under nanosecond-level TED should be investigated and then compared with that under microsecond-level TED, especially the lightning impulse. Based on a testing platform containing a 400-kV pulse generator with adjustable rise time from 5 to 100 ns, the behaviors of nonlinearity, fast impulse response, and converting impedances of three types of 10-kV MOAs under TED with different rise time were explored experimentally in this article. The peak residual voltages of 10-kV MOAs under TED with the rise time of 5 ns at 5 kA are 50.2–60.7% higher than those under the lightning impulse. The rise time of TED has significant influence on the peak voltage and impedance converting behaviors of MOAs. A circuit model of 10-kV MOAs under nanosecond-level TED is built and validated by experimental results, which can be applied in insulation coordination and design of protective devices against TED.