A comprehensive study on the effect of a lossy ground on the induced voltages on overhead power lines by a nearby lightning strike is presented. The ground conductivity plays a role in both the evaluation of the lightning radiated fields and of the line parameters. To be calculated by means of a rigorous theory, both fields and line constants need important computation time, which, for the problem of interest, is still prohibitive. The aim of this paper is to discuss and analyze the various simplified approaches and techniques that have been proposed for the calculation of the fields and the line constants when the ground cannot be assumed as a perfectly conducting plane. Regarding the radiated electromagnetic field, it is shown that the horizontal electric field, the component which is most affected by the ground finite conductivity, can be calculated in an accurate way using the Cooray-Rubinstein simplified formula. The presence of an imperfectly conducting ground is included in the coupling equations by means of two additional terms: the longitudinal ground impedance and the transverse ground admittance, which are both frequency-dependent. The latter can generally be neglected for typical overhead lines, due to its small contribution to the overall transverse admittance of the line. Regarding the ground impedance, a comparison between several simplified expressions used in the literature is presented and the validity limits of these expressions are established. It is also shown that for typical overhead lines the wire impedance can be neglected as regard to the ground impedance