The programming/erasing transient behavior of the NAND-type nanodot flash cell has been studied for the first time. By using an equivalent circuit model, the transient current through each layer in the dielectric stack can be monitored during the pulse programming/erasing. It is found that the oxide charging current leads the tunneling current during programming, and the charge built up at the storage node causes the gradual leakage current increase in the blocking dielectric. Parameters such as the current ratio of the tunnel oxide and the blocking layer and the programming efficiency of the nanodot cell can be calculated. The simulation result has been verified by the time-resolved current measurement.