Abstract: The induction voltage adder is often used for voltage multiplication. During inductive adding there are wave incidence and reflection. Travel wave method has been used to analyze this process with the assistance of transformation matrix. Its stable solution is the same as that of lump parameter method when the detail of voltage variation can also be presented. The equivalent circuit model of pulsed power source and induction adder has been established to simulate a 3.5 MeV injector which is based on the principle of inductive adder. The results are similar to experiment data in general. The difference between cavity wave and Blumlein output is explained by travel wave method in this paper. The research indicates that travel wave analysis and simulation are reliable in the design of an indu