In this paper, we present the characteristics of current, electric fields and modeling approaches of lightning M-component mode of charge transfer. We consider both the classical M-components (occurring after return strokes) and M-component-type ICC (Initial Continuous Current) pulses occurring during the initial (ICC) phase of upward flashes. M-component-type ICC pulses can be distinguished from mixed-mode pulses using different criteria: (i) the 10–90% current risetime at the channel-base with respect to an 8-µs risetime; (ii) the time lag between the onset of the current and electric fields with a respect to a threshold of 10 µs; (iii) an asymmetrical waveform coefficient (AsWc) with respect to a value of 0.8; (iv) the relative height of the junction or connection points on the grounded channel above the ground. The features of M-component electric field waveforms are summarized for close, intermediate, and far distance ranges. The observed millisecond-scale slow-part pulse shows a polarity reversal from an initial-negative waveform at close range, to a full positive-flattening late-time response at intermediate range and a bipolar wave-shape at the far distance range. One or some microsecond-scale fast pulses (junction pulse) are observed to precede the millisecond-scale slow part pulse at intermediate and far distance ranges. The microsecond-scale fast pulses are dominated by unipolar pulses along with several cases of bipolar pulses exhibiting initial polarities of both signs. The main advantage of the guided wave model and its variations is their simplicity and straightforward implementation. The guided wave model is also able to reproduce reasonably well the observed slow electric fields. The nonlinear models are more physics-based compared to the guided wave models. They are based on an important number of adjustable parameters, many of which cannot be directly inferred from experimental observations. The significance of M-components is reviewed according to practical aspects in transformer secondary, surge protective devices (SPD), grounding systems.