Lightning induced overvoltage is one of serious threatens to distribution networks, so it is necessary to analyze surge protection for acquisition terminals under different topology structures of branch lines. Equivalent model of 10kV distribution network was established in EMTP and induced overvoltage of the watt-hour meter under different typical topology structures of branch lines was calculated by means of model programming. Statistical characteristics of the overvoltage magnitude were presented. Influence of soil resistivity and length of power line on the overvoltage magnitude were discussed. Finally, protection effect of the terminal SPD and effect of its grounding resistance were analyzed. Research results show that: induced overvoltage of the watt-hour meter decrease with the increasing of distance from lightning locations. Rise number of branch lines on the same node results in a decrease of overvoltage and an increase of intensive waveform oscillation. Under the same conditions, threat level from high to low was: chain shape, H shape and star shape. The occurrence probability of high amplitude increases with the increasing of soil resistivity and length of power line. Overvoltage of the watt-hour meter can be inhibited significantly when installing the terminal SPD, but it is essential to maintain a lower grounding resistance as long as possible in order to protect the sensitive equipment effectively.