Among the available literature on electromagnetic interference between high voltage power lines and nearby pipelines, the topic of transient induced voltage on the pipelines are rarely discussed. Fault in high voltage transmission systems is usually cleared in several cycles, sometimes even before the fault current reaches the steady state. This paper proposes an analytical approach for calculating the transient induced voltage and current on a pipeline due to inductive coupling using a circuit model. A numerical example is studied to demonstrate the waveforms of transient induced voltage and current on the pipeline. Simulation results show that the transient peak of the induced voltage is greater than steady state values. Therefore, it is necessary to study the induced voltage and current during the transient period.