The goal of this article is to investigate the effect of frequency-dependent soil models on the performance of grounding electrodes subjected to lightning strikes. Several soil models are examined while accounting for the variation of soil resistivity and permittivity as a function of the lightning current frequency spectrum. The analysis is performed for a homogeneous soil and a two-layer horizontally stratified soil. The impact of the frequency-dependent soil parameters on the ground potential rise (GPR) of simple grounding electrodes subjected to lightning is analyzed and discussed. The analysis is performed in the frequency domain and in the time domain. A wind turbine and its grounding system are also considered in this article. Special attention is given to the case of indirect lightning, rarely mentioned in the literature. The GPR of the grounding electrodes is examined when the frequency dependence of the soil is taken into account and the lightning channel is located at close distances to the electrodes. Indeed, the level of induced electromagnetic fields caused by a nearby lightning channel can still be too high and potentially dangerous. The computations are performed using an efficient Method of Moments (MoM) numerical tool based on surface-wire integral equations for a stratified medium in the frequency range from dc to several MHz. Numerical results demonstrate that the frequency dependency of the soil parameters results in a decrease of the potential rise of the grounding electrodes, with respect to the case where the parameters are assumed constant.