Abstract Making use of the perturbation approach, the large-orbit gyro-klystron was investigated. The expressions of the electron bunching, the beam-wave interaction power and the gain were obtained. Furthermore, it was found that the axial motions of bunching electrons have an unneglected effect on the beam-wave interaction. Taking account of this effect, the corre spending revised expressions of the electron bunching, the beam-wave interaction power and the gain were derived out.