The transient flow of a circular liquid jet impinging on a horizontal disk, and the hydraulic jump formation, are examined theoretically and numerically. The interplay between inertia and gravity is particularly emphasised. The flow is governed by the thin-film equations, which are solved along with a force balance across the jump. The unsteadiness of the flow is caused by a linearly accelerating jet from an initial to a final steady state. To validate the predicted boundary-layer flow evolution, an analytical development is conducted for small distance from impingement, and for small time. In addition, the predictions of the film profile and jump location are compared against numerical simulation for the transient flow, and are further validated against experiment for steady flow. The evolutions of the film thickness and the wall shear stress in the developing boundary-layer region are found to be similar to those reported for a fluid lying on a stretching surface. The flow responds to the jet acceleration quasi-steadily near impingement but exhibits a long-term transient behaviour near the jump. Analysis of the jump evolution is considered in the range 5 < Fr < 40 for the Froude number (based on the jet radius and velocity). For Fr < 10, the jump reaches the final state instantly when the jet acceleration ceases. At higher Froude number, the jump settles at a later time, exhibiting an overshoot in the thickness due to the dominance of inertia.