This paper introduces the basic characteristic parameter of 200 kV water dielectric high voltage pulse delay-line, whose characteristic impedance is 23.4 Ω and electrical length is 300 ns. It analyzes breakdown characteristic of the delay-line and estimates height attenuation rate of the pulse transmitted by the delay-line. An experiment equipment of high voltage pulse delay-line has been designed and machined, and the experiment research has been made. In the experiment, Blumlein line generated the high voltage pulse which was transited by two paths. One path is from high voltage cable to delay-line to high voltage cable to matched load and the other path is from high voltage cable to matched load. The pulses from the two loads are regarded as the output pulse and input pulse of delay-li