Decoupling inductors are the core components of voltage-limiting surge protector(SPD) cascade coordination and they have an important impact on the energy level matching of voltage-limiting SPD. The present study focuses on the coupling between decoupling inductors and voltage-limiting SPDs. In the present research, a multi-level voltage-limiting SPD energy matching model is established based on the traveling wave transmission theory, and it is combined with 10 8/20μs multi-pulse tests that are closer to natural lightning strikes. The test results show that under constant wave impedance, increasing the decoupling inductance value between SPD lines can effectively slow down the rate of lightning transient overvoltage rise. When SPDs are connected in parallel, the zinc oxide varistor voltage has little effect on the shunt ratio of the front and rear stages and is positively correlated with the residual voltage value. The larger the SPD cascade inductance value, the more the pre-SPD leakage, the higher the post-SPD clamping level, and the better the energy level matching effect. When magnetic saturation occurs, the leakage current of the front-stage SPD is significantly reduced, and the leakage current of the subsequent-stage SPD is significantly increased. To avoid this phenomenon, when SPD is installed, the decoupling inductance value between the stages should be within a reasonable range and slightly larger than the theoretical inductance value.