Theoretical analysis and experimental study were conducted to clear the partial discharge (PD) between moving charged metal particles and electrodes in insulation oil under flow state and AC condition. The rise time of the PD pulse current is tens of nanoseconds, which is not affected by velocity and voltage. The dominant frequency component of the ultra-high-frequency (UHF) signal due to charged metal particle movement is near 0.39 GHz, which is independent from velocity and voltage. The magnitudes of PD UHF signals are discontinuous and the time of occurrence of PD depends on the trajectories of charged metal particles. PD Φ-U-N maps clearly indicate that the phase information of the PD UHF signal on the maps is similar regardless of flow velocity and AC condition, but the voltage intensifies the PD and the flow velocity weakens the PD. The trajectories of charged metal particles in the horizontal transformer oil tract were investigated through stress analysis of charged metal particles under flow state and AC voltage. When charged metal particles move along the oil tract under the oil flow, reciprocating oscillation simultaneously occurs in the vertical direction.