The index system for electrical characteristics of metal-oxide surge arresters is proposed and established, which is based on rated voltage (Ur), continuous operating voltage (Uc), nominal discharge current (In), overvoltage protection and insulation coordination including lightning overvoltage protection level, operating overvoltage protection level and coordination coefficient (Ks). The study considers both selection and application of overvoltage protection devices for the electrical equipments in 3-35kV medium voltage power system, and comparatively calculates and analyzes the main parameters between two types metal-oxide surge arresters (without gaps and containing series gapped structures), and illustrates their technical features and puts forward suggestions on how to improve the effective utilization. The results of 10kV power distribution system are simulated to show that the conclusions are feasible and available in the practical engineering application.