The drag-reducing effect of a spanwise-traveling wave with wall deformation on a zeropressure-gradient turbulent boundary layer over a flexible sheet was investigated. The test plate placed in the wind tunnel consisted of a flexible sheet section, where the traveling wave motion was generated by a vibration device with a crank via upstream and downstream smooth rigid wall sections. Streamwise and wall-normal velocity components were measured by single and cross hot-wire anemometers. Amplitude and frequency of the spanwise-traveling-wave motion were measured using two laser displacement sensors. The drag reduction ratio was estimated from the friction coefficients through the growth rate of the momentum thickness of the turbulent boundary layer over the flexible sheet section. A maximum drag reduction ratio DR of up to 13% was obtained. The relations between sheet displacement and streamwise and wall-normal velocity fluctuations were compared at a large DR (DR = 8%) and at a very small DR (DR = 2%), which was almost the same as the no drag reduction case, taking into account the experimental uncertainty. For the larger drag reduction, a slow-velocity fluctuation with large amplitude appeared further away from the flexible sheet. Quadrant analysis of streamwise and wall-normal velocity fluctuations revealed that the drag reduction was attributed to a reduction in the sweep event and an increase in the negative contribution of the inward-interaction event to the Reynolds shear stress due to the sheet displacement fluctuation.