The Exploration of energization and Radiation in Geospace (ERG) project aims to study acceleration and loss mechanisms of relativistic electrons around the Earth. The Arase (ERG) satellite was launched on December 20, 2016, to explore in the heart of the Earth's radiation belt. In the present paper, we introduce the specifications of the Plasma Wave Experiment (PWE) on board the Arase satellite. In the inner magnetosphere, plasma waves, such as the whistlermode chorus, electromagnetic ion cyclotron wave, and magnetosonic wave, are expected to interact with particles over a wide energy range and contribute to high-energy particle loss and/or acceleration processes. Thermal plasma density is another key parameter because it controls the dispersion relation of plasma waves, which affects wave-particle interaction conditions and wave propagation characteristics. The DC electric field also plays an important role in controlling the global dynamics of the inner magnetosphere. The PWE, which consists of an orthogonal electric field sensor (WPT; wire probe antenna), a triaxial magnetic sensor (MSC; magnetic search coil), and receivers named electric field detector (EFD), waveform capture and onboard frequency analyzer (WFC/OFA), and high-frequency analyzer (HFA), was developed to measure the DC electric field and plasma waves in the inner magnetosphere. Using these sensors and receivers, the PWE covers a wide frequency range from DC to 10 MHz for electric fields and from a few Hz to 100 kHz for magnetic fields. We produce continuous ELF/VLF/HF range wave spectra and ELF range waveforms for 24 h each day. We also produce spectral matrices as continuous data for wave direction finding. In addition, we intermittently produce two types of waveform burst data, "chorus burst" and "EMIC burst. " We also input raw waveform data into the software-type wave-particle interaction analyzer (S-WPIA), which derives direct correlation between waves and particles. Finally, we introduce our PWE observation strategy and provide some initial results. which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.