Mitigation and analysis of Very Fast Transient Overvoltages (VFTO) is very important in Gas Insulated Substations (GIS). In this paper, a power transformer rating of 400MVA in 1000kV gas insulated substation has been considered and different techniques for mitigation and analysis of Very Fast Transient Overvoltages (VFTOs) are applied and the outcomes are analyzed by the application of Discrete Wavelet Transform (DWT) as the wavelet transform is superior and a powerful tool for extraction of high frequency transient signals and gives the crisp output. The proposed system has been designed with MatLab platform and the designed system is simulated to evaluate the peak values of Very Fast Transient Overvoltages (VFTOs) generated both at transformer (Vtr) and open end of (Voc) with and without RC – filter, ferrite ring and a nonocrystilline. The results show that the peak value of Very Fast Transient Overvoltages (VFTOs) can be considerably reduced by introducing RC–filter ferrite ring and nanocrystalline methods. The outcomes are explored to wavelet transform for transient information. By the application of wavelet transform, it has concluded that an exact measurement VFTOs can be obtained and is shown in the results.