A novel L-band metamaterial slow wave structure with a weak space charge effect and high field uniformity is proposed. The slow wave structure is composed of two identical all-metal resonant elements. In order to weaken the space charge effect, a long drift tube is adopted as a metal joint, connecting the front periodic unit with the rear one. Moreover, the novel metamaterial structure exhibits higher field uniformity by rotating one of the resonant elements 45° relative to the other. Electromagnetic calculation indicates that the average fluctuation in the electric field dropped from 3% to 0.5%. Based on the novel metamaterial slow wave structure, an L-band Cerenkov oscillator model is built, and a preliminary particle-in-cell simulation is carried out. Under the condition of an acceleration voltage of 500 kV, beam current of 8 kA, and magnetic field of 1 T, a 1.64 GW average output microwave power at 1.30 GHz is obtained. The corresponding conversion efficiency is 41%. The simulation results prove the advantages of the metamaterial Cerenkov oscillator, such as low magnetic field, low impedance, miniaturization, and high conversion efficiency.