A transient electromagnetic disturbance (TED) testing system with an adjustable direction of polarization is developed in terms of a low-frequency-compensated symmetric transverse electromagnetic (TEM) horn antenna in this paper. TEM horn antennas are deficient in the low-frequency radiation, which would lead to a very narrow pulse width and cannot be directly applied in radiation tests of TED, especially the TED with abundant low-frequency components such as fast transient overvoltage and high-altitude electromagnetic pulse. To address this problem, a theoretical radiation model and a design principle of the back-loading method are proposed to compensate for the low-frequency performance. After the optimization of the structure according to the simulated results, a TED testing system with the aperture width of 0.9 m and the length of 1.8 m is built. The rise time of the electric field measured at the center of the aperture is 2.39 ns, the pulse width is 27.65 ns, and the peak field is over 50 kV/m, which can meet the requirements of relative standards. The dimension of the working volume is estimated as 0.4 × 0.5 × 0.5 m3 according to the field distribution.